WASHINGTON—President Donald Trump on Wednesday formally nominated Kevin Warsh to serve as Chairman of the Board of Governors of the Federal Reserve System, following through on a promise he made earlier this year to elevate the former central bank official to the top post.
According to nomination documents sent to the Senate on March 4, Trump nominated Warsh, of Florida, to serve a four-year term as Fed chair, while also nominating him to a 14-year term as a member of the Federal Reserve Board of Governors beginning Feb. 1, 2026.
The move makes official a plan the president first outlined in January, when he said he intended to tap Warsh to succeed Jerome Powell, whose current term as chair is set to expire in May.
Warsh, 55, previously served as a governor at the Federal Reserve Board from 2006 to 2011 and has remained an influential voice in Republican economic policy circles since leaving the central bank. A former Morgan Stanley banker and adviser to George W. Bush, Warsh currently serves as a visiting fellow at Hoover Institution at Stanford University.
Trump has frequently criticized the Federal Reserve during his time in office, arguing the central bank should move more aggressively to reduce interest rates to support economic growth.
As previously reported, credit union trade groups quickly reacted to the prospect of Warsh leading the Fed. America's Credit Unions President and CEO Scott Simpson said Warsh’s prior experience on the Fed board and in economic advisory roles positions him to guide monetary policy during a time when affordability concerns remain top of mind for policymakers and consumers.
Similarly, the Defense Credit Union Council said it looks forward to engaging with Warsh as the nomination process moves forward. Chief Advocacy Officer Jason Stverak noted that defense credit unions and the military families they serve rely on a “stable, transparent, and effective central banking system” that supports access to credit and resilient financial markets.
Warsh’s nomination now heads to the Senate for confirmation.