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On Friday President Donald Trump nominated Kevin Warsh for Federal Reserve Chairman. The President announced Thursday night that he will be switching out the position after a year of disagreement with current Chairman Jerome Powell.
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. Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, and Lecturer at the Stanford Graduate School of Business. He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received his A.B. from Stanford University, and J.D. from Harvard Law School. He has conducted extensive research in the field of Economics and Finance. Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom. Parliament adopted the Report’s recommendations. Kevin Warsh became the youngest Fed Governor, ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve’s Representative to the Group of Twenty (G-20), and as the Board’s Emissary to the Emerging and Advanced Economies in Asia. In addition, he was Administrative Governor, managing and overseeing the Board’s operations, personnel, and financial performance. Prior to his appointment to the Board, from 2002 until 2006, Kevin served as Special Assistant to the President for Economic Policy, and Executive Secretary of the White House National Economic Council. Previously, Kevin was a member of the Mergers & Acquisitions Department at Morgan Stanley & Co., in New York, serving as Vice President and Executive Director. 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! PRESIDENT DONALD J. TRUMP
Warsh will now need to be confirmed by the Senate to assume office.
On Thursday there was some speculation that Kevin Hassett would be nominated, the President addressed this on Friday, saying Hassett would have also been good, but is currently a valuable asset within the White House.
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. 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! President DJT
The President also discussed some of his other top considerations for the position.
Christopher Waller, Rick Rieder, and others, were interviewed for the Fed position. They all would have been outstanding, and have a great and unlimited future with “TRUMP.” Such amazing talent in our Country. Thank you! President DJT
The BBC gave some background information on Warsh:
Warsh has escalated his rhetoric since emerging as a contender for the top Fed job, going as far as calling for “regime change”.
He had a relatively “hawkish” reputation as a Fed governor, meaning he tended to favour higher interest rates and took more seriously concerns about inflation.
But he is now seen as a voice that would support lower rates in the near term. He has argued the Fed should shrink its balance sheet in order to bring down short-term interest rates, though some have questioned his logic.
Trump has been battling current Chairman Jerome Powell over the last year to lower interest rates. In August he demanded Powell leave, but the Chairman refused to go.
Powell, who was nominated to the Federal Reserve Board of Governors in December 2011 by then-President Barack Obama was later nominated as the Fed chairman in 2017 by President Trump, replacing Janet Yellen.
Powell has faced legal heat as well. In July Rep. Anna Paulina Luna announced that she is referring Powell to the Department of Justice for alleged perjury in relation to “his crazy $2.5BN building” – referencing the cost of renovating the banking cartel’s D.C. headquarters.
Importantly, the Federal Reserve Bank is not federal, there are no reserves and it is not a bank. It is a corporate conglomerate of global shareholders. A banking cartel. The financial entity which sits above the nation state.
Long-time critic of the Federal Reserve Ron Paul along with economist Phillip Patrick gave their take on the new Chairman pick. Patrick said Warsh has been a critic of post-2008 Fed “overreach,” such as quantitive easing (money printing) and balance sheet expansion.
Generally, money printing can help keep interest rates down, while printing less money will often put pressure on rates to rise, Paul explained.
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