Trump Picks Kevin Warsh as Fed Chair Nominee Amid Political Pressure

President Donald Trump announced he will nominate Kevin Warsh, 55, to the Federal Reserve Board and nominate him as chair, opening a Senate confirmation process that officials expect to be contentious.

The nomination follows a year of public pressure from Trump on Fed Chair Jerome Powell and comes as a Justice Department probe involving the Fed reached the Supreme Court on Jan. 21, 2025, court records show.

Sen. Thom Tillis, R-N.C., said he will withhold support for Warsh until the Justice Department's probe into Powell and the Fed is "fully and transparently resolved," according to a statement from his office.

Warsh served on the Fed's Board of Governors from Feb. 2006 to Mar. 2011 and worked at Morgan Stanley, experience that supporters say gives him markets expertise, officials and economists said.

If confirmed, Warsh would replace Jerome Powell when Powell's chair term ends in May 2025, but Powell's remaining board term through 2028 could complicate Trump's ability to secure a controlling majority, analysts said.