Former US Federal Reserve President Kevin Warsh attends the Spring Meetings of the International Monetary Fund (IMF) and World Bank at IMF Headquarters in Washington, DC, USA, on Friday, April 25, 2025.
Tierney L. Cross | Bloomberg | Getty Images
President Donald Trump on Wednesday formally nominated Kevin Warsh to be the next Federal Reserve Chairman.
If confirmed by the Senate, Warsh will replace Federal Reserve Chairman Jerome Powell for a four-year term.
The White House announced in a statement posted online Wednesday that Trump’s nomination had been communicated to the Senate.
The notification comes more than a month after President Trump first publicly announced that he wanted Warsh to become Fed chairman.
Sen. Thom Tillis, R-North Carolina, said he would block Warsh’s nomination from moving forward in the Senate until the federal criminal investigation into Powell by the U.S. Attorney’s Office in Washington, D.C., is discontinued.
Tillis’ stance could prevent the nomination from being considered by the full Senate.
In mid-January, Powell said he was being investigated in connection with a $2.5 billion renovation project for the Federal Reserve’s headquarters in Washington and gave Senate testimony about the project.
He also said the “threat of criminal charges” against him is a direct result of his and other Fed directors’ refusal to bow to demands for rate cuts faster than Trump and the president’s demands.
Last summer, President Trump tried to fire Fed Director Lisa Cook, who sided with Powell on interest rate decisions. Trump at the time cited allegations from his top housing official that Cook had committed mortgage fraud, but the move to fire Cook was seen as motivated by his anger over his stance on interest rates.
Mr. Cook has denied any wrongdoing, but remains at the Fed pending the outcome of a lawsuit against Mr. Trump that sought his removal.
The Supreme Court heard oral arguments in the case in January. The court has not yet ruled on whether Mr. Trump can fire Mr. Cook.
