Trump Names Next Fed Chair Pick: ‘He Will Never Let You Down’

President Donald Trump announced Friday that he was nominating economist Kevin Warsh to be the next chairman of the Federal Reserve. 

Warsh, a critic of the current chair Jerome Powell, will need to be confirmed by the Senate. Trump has battled with Powell over interest rates and has even floated firing him. 

“I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,” Trump posted on Truth Social. “I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is ‘central casting,’ and he will never let you down. Congratulations Kevin!”

Warsh is currently an economist at the Hoover Institution, a lecturer at the Stanford Graduate School of Business, and a partner at the Duquesne Family Office investment firm.

He was previously an economic policy advisor to President George W. Bush. He became the youngest Fed governor ever at 35 when he was nominated to the board of governors in 2006, a role he served in until 2011.

The Wall Street Journal reported that Warsh played a “crucial behind-the-scenes roles in Washington’s rescue of Wall Street during the financial crisis” of 2008.

If confirmed, Warsh would take over from Powell when his term as chair ends in May. Trump again ripped into Powell on Thursday for not cutting interest rates, accusing him of damaging the economy and undermining national security. 

Trump on Friday commented on speculation that he would nominate National Economic Council Director Kevin Hassett. 

“Their was great speculation that highly respected Kevin Hassett was going to be named Chairman of the Fed, and a great Chairman he would have been but, quite honestly, he is doing such an outstanding job working with me and my team at the White House, that I just didn’t want to let him go,” Trump wrote soon after announcing the Warsh pick. “Kevin is indescribably good so, as the expression goes, ‘if you can’t do better, don’t try to fix it!’ Thank you Kevin for doing such a great job!”

Trump has battled with the Federal Reserve throughout much of his second term. Earlier this month, the Justice Department launched a criminal probe into Powell over statements he made to the Senate about a costly renovation of the Federal Reserve. The Supreme Court is also considering whether Trump has the authority to fire Fed governor Lisa Cook.