Spanish
Washington.- The US President, Donald Trump, announced this Friday that he has nominated the American banker and economist Kevin Warsh to chair the Board of Governors of the Federal Reserve to replace Jerome Powell.
"I am pleased to announce that I am nominating Kevin Warsh" to chair the Federal Reserve, Trump said on the Truth Social network, in which he has offered details about his resume, including that at 35 he became the youngest governor of the Federal Reserve in history (2006-2011). "I've known Kevin for a long time and I have no doubt that he will go down in history as one of the GREAT presidents of the Fed (Federal Reserve), maybe the best," adds the US president, who argues that "he has the perfect profile" and "will never disappoint." Trump highlighted that Warsh became in 2006 the youngest governor of the Fed system and that he worked as an economic advisor to George W. Bush and is currently linked to the Hoover Institution, one of the most important conservative think tanks in California. Warsh, 55, was already one of Trump's candidates in his first term to preside over the Federal Reserve, something for which he chose Jerome Powell in 2017. If confirmed by the Senate, Warsh will take the reins of a Fed burdened by doubts about its independence, after Trump has insisted since his return to the White House in January 2025 that interest rates should be lowered more continuously and rapidly.You may be interested in: Trump attacks the Federal Reserve chairman again after freezing rates
In September, Trump appointed Stephen Miran to the board that makes up the Federal Open Market Committee (FOMC), which decides on interest rates, and his Administration has initiated an unprecedented process to force the departure of Lisa Cook, a member of the same body. The president has aggressively criticized Powell and even subjected him to an investigation into the cost overruns of the Federal Reserve building renovation, while also calling for an acceleration of the pace of interest rate cuts, which began in September 2024. Powell took over the leadership of the issuing bank in February 2018 and was kept in office by President Joe Biden (2021-2025) and has since been responsible for weathering crises such as the pandemic, when inflation reached historic records. Warsh was a governor between 2002 and 2011 who showed great caution about inflation, currently above the 2% target, but since last year he has been more favorable to maintaining lower interest rates than the current ones. The nominee will face questions from their nomination hearings in the Senate about whether they will be able to maintain their independence from Trump and make monetary policy decisions following the Fed's mandate to contain inflation, maintain full employment, and foster economic growth.
