President Donald Trump announced he will nominate former Federal Reserve Governor Kevin Warsh to succeed Jerome Powell as Federal Reserve Chair. The selection, confirmed on Trump’s social media platform, sets up a Senate confirmation battle. Warsh, a past critic of loose monetary policy, has expressed more favorable views on Bitcoin than Powell, suggesting it could act as market discipline.
President Donald Trump said he will nominate former Federal Reserve Governor Kevin Warsh to succeed Jerome Powell as chair of the US central bank. The decision was announced by Trump on his social media platform Truth Social.
The president stated that he had known Warsh for a long time and had “no doubt” he would go down as “one of the ‘GREAT Fed chairmen, maybe the best.’” Prediction markets and Wall Street commentators had increasingly tipped Warsh as the likely choice ahead of the announcement. Warsh served on the Federal Reserve Board from 2006 to 2011.
He has since been a frequent critic of ultra‑loose monetary policy, calling for a “regime change” at the Fed. Warsh has been noticeably more upbeat on Bitcoin (BTC) than Powell, who played down the cryptocurrency’s importance.
In a July discussion hosted by the Hoover Institution, Warsh rejected the idea that Bitcoin would weaken the Fed’s ability to steer the economy. He argued instead that it could act as a form of market discipline. Warsh’s selection comes as traders repriced risk assets around the prospect of a more hawkish Fed chair.
Analyst Peter Schiff argued that a “crash” in gold and silver had “nothing to do with Trump nominating Kevin Warsh to be Fed chair.” He said Trump would not have nominated him if he thought he would be a hawk. The nomination will require confirmation by the US Senate, where lawmakers are expected to scrutinize Warsh’s past calls for tighter policy.
