‘Big Money Show’ panel discusses President Donald Trump’s choice for the Fed as markets evaluate interest rates and monetary policy.
President Donald Trump made headlines on Friday with the Federal Reserve’s announcement of nominating Kevin Warsh to become the next Chairman of the Federal Reserve.
Warsh served on the Federal Reserve’s Board of Governors from 2006 to 2011 and was previously considered for the chairmanship when Mr. Trump appointed him. Jerome Powell is expected to be re-elected for a second term in 2022, with his current term ending in May.
With his background, Warsh has notable experience in the private sector at J.P. Morgan and also held a position in the administration of President George W. Bush before his initial appointment to the Federal Reserve, making him the youngest governor in its history.
Post – Fed, he’s been affiliated with the Hoover Institution, Stanford’s Graduate School of Business, the UPS Board, and has served on the Congressional Budget Office’s Board of Economic Advisors.
Many business leaders and executives, as well as trade organizations linked to American companies, have congratulated Warsh on his nomination and expressed their support for his appointment. They’ve shared various comments which can be found elsewhere.
Who is Kevin Warsh, President Trump’s choice to follow Jerome Powell?
Bank of America CEO Brian Moynihan
Moynihan stated, “I’ve known Kevin for many years; his service to our country in several roles and his experience fit this role well. I wish him the best as he moves forward in this process.”
UPS CEO Carol Tomé
“For over 13 years at UPS, Warsh has been a valuable colleague and advisor. His extensive knowledge of finance, global economic insights, and capabilities in crisis management will be beneficial as we continue our responsibilities. We congratulate him on this important nomination.”
Responses to Trump’s nomination of Kevin Warsh as Fed Chair
Suzanne Clark, CEO, U.S. Chamber of Commerce
“Kevin is well-known within the business sphere. His long-standing commitment to supporting consistent economic growth and stable prices for American families is commendable, and we look forward to the upcoming approval process.”
Investment Company Institute CEO Eric Pan
“Mr. Warsh’s vast experience in monetary policy and financial regulations has prepared him well for this role. His past as a Federal Reserve President and a solid grasp of global financial markets gives him a strong foundation for this leadership position. We applaud President Trump on this significant nomination and are eager to collaborate with Mr. Warsh for the benefit of American investors.”
Challenges faced by Trump’s Fed nominee Kevin Warsh amid Powell investigation
Rob Nichols, CEO of the American Bankers Association
“In choosing Mr. Warsh, President Trump is appointing a knowledgeable and seasoned policymaker who faced significant challenges at the Fed. Having collaborated with him in the Bush administration, I recognize his deep insights into monetary policy and economic factors. We await clearer insights into his current policy stance during the confirmation process for a smooth transition in Fed leadership.”
Rebecca Romero Rainey, CEO of Independent Community Bankers of America
“ICBA and community banks across the nation celebrate Kevin Warsh’s nomination as the Chair of the Board of Governors of the Federal Reserve System. Having previously been on the Federal Reserve Board, Warsh has proven his understanding of the essential role community banks play in the economy and the importance of accessible banking services within local communities.”
