US President Donald Trump has nominated Kevin Warsh, a former Federal Reserve governor and vocal critic of the US central bank, as his choice for the next chair of the Fed. The move was expected but still sent shockwaves through financial markets, with the dollar strengthening and gold falling sharply in response.
Warsh, 55, has been an outspoken advocate for lower interest rates, echoing Trump's criticism of the Fed's slow pace in cutting borrowing costs. A former special assistant to President George W Bush from 2002-06, Warsh served as a Federal Reserve governor between 2006 and 2011, where he represented the US at the G20 group of countries.
The nomination has been welcomed by some analysts, who see Warsh as a relatively safe choice, with economist Stephen Brown describing him as "a qualified nominee with a deep understanding of monetary policy." Mark Carney, the Canadian prime minister and former governor of the Bank of England, has also praised Warsh's appointment, saying he is "a fantastic choice to lead the world's most important central bank at this crucial time."
However, not everyone is pleased with the nomination. Senator Thom Tillis, a Republican from North Carolina, has said that he will block any of Trump's Fed nominees until the investigation into Fed Chair Jerome Powell is called off. Elizabeth Warren, a Democrat and ranking member of the Senate's banking committee, has also expressed opposition to Warsh's appointment.
Warsh's background as a critic of ultra-loose monetary policy pursued by the Fed since the financial crisis may have contributed to his nomination. His views align with Trump's push for lower borrowing costs, but some analysts have questioned whether Warsh is willing to take on the mantle of being a loyal Trump ally.
The Senate will now need to confirm Warsh's appointment, which requires at least 51 votes. Despite Republican control of the chamber, Tillis has indicated that he will oppose Warsh, and it remains to be seen how the rest of the Senate will respond to the nomination.
Warsh, 55, has been an outspoken advocate for lower interest rates, echoing Trump's criticism of the Fed's slow pace in cutting borrowing costs. A former special assistant to President George W Bush from 2002-06, Warsh served as a Federal Reserve governor between 2006 and 2011, where he represented the US at the G20 group of countries.
The nomination has been welcomed by some analysts, who see Warsh as a relatively safe choice, with economist Stephen Brown describing him as "a qualified nominee with a deep understanding of monetary policy." Mark Carney, the Canadian prime minister and former governor of the Bank of England, has also praised Warsh's appointment, saying he is "a fantastic choice to lead the world's most important central bank at this crucial time."
However, not everyone is pleased with the nomination. Senator Thom Tillis, a Republican from North Carolina, has said that he will block any of Trump's Fed nominees until the investigation into Fed Chair Jerome Powell is called off. Elizabeth Warren, a Democrat and ranking member of the Senate's banking committee, has also expressed opposition to Warsh's appointment.
Warsh's background as a critic of ultra-loose monetary policy pursued by the Fed since the financial crisis may have contributed to his nomination. His views align with Trump's push for lower borrowing costs, but some analysts have questioned whether Warsh is willing to take on the mantle of being a loyal Trump ally.
The Senate will now need to confirm Warsh's appointment, which requires at least 51 votes. Despite Republican control of the chamber, Tillis has indicated that he will oppose Warsh, and it remains to be seen how the rest of the Senate will respond to the nomination.
. like trump says he's a safe choice but im not so sure 
. warsh has been super vocal about cutting interest rates which could get him into some hot water 
. also i'm not convinced that trumps party is behind him 100% 
. tillis is already making moves to block his nomination and elizabeth warren isnt having it 
. its gonna be a wild ride in the senate 
I'm kinda surprised about this one, you know? Trump's been pretty vocal about taking on the Fed, but not sure if Kevin Warsh is exactly what everyone was hoping for... I mean, some people love him as a "safe choice" but others think he might be a bit too close to Trump's views. 
But what if not everyone is on board with Warsh's agenda? That could get pretty messy... 
That's the question. And honestly, it's hard to say because Warsh has been pretty vocal about his own views on monetary policy in the past. It's interesting to see how this plays out in the Senate 
. One thing for sure is that financial markets are watching closely 
!
. Kevin Warsh seems like a solid choice to me 
. He's got experience & he's not some crazy person, you know? 
Trump said he's gonna make the Fed great again & Warsh is on board with that. What's wrong with wanting lower interest rates? 
. And btw, Thom Tillis is just playing politics, what's new? 
.
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