‘Institutions like the Federal Reserve need to be restored to what they once were,’ says the new Fed Chair nominee.
President Donald Trump selected former Federal Reserve Governor Kevin Warsh as the next head of the U.S. central bank.
After months of speculation, Trump named his nominee to replace Jerome Powell, whose term expires in May.
The market and political reactions have so far been mixed, but the president says he is confident that Warsh will go down as “one of the great Fed Chairmen, maybe the best.”
Here is what to know about Kevin Warsh and his path to the nomination to lead the Federal Reserve.
‘Strong Pedigree’
Kevin Warsh is the Shepard family distinguished visiting fellow in economics at the Hoover Institution and a lecturer at Stanford Graduate School of Business.
He is also a partner to Stanley Druckenmiller at Duquesne Family Office LLC.
He earned a Bachelor of Arts degree from Stanford University and a Juris Doctor from Harvard Law School, and has conducted extensive research in economics and finance.
Warsh authored an independent report for the Bank of England, recommending reforms to the United Kingdom’s monetary policy—recommendations later adopted by the UK Parliament.
At age 35, he became the youngest governor in the Federal Reserve’s history, serving from 2006 to 2011.
During his tenure, he represented the Fed at the G‑20, acted as an emissary to Asian economies, and served as administrative governor, overseeing operations, personnel, and financial performance.
Before joining the Fed, Warsh served in the White House as special assistant to the president for economic policy and as executive secretary of the National Economic Council (2002–2006).
Earlier in his career, he worked in mergers and acquisitions at Morgan Stanley, rising to vice president and executive director.
“Warsh has a strong pedigree to be chair of the Federal Reserve, with a background somewhat similar to Chair Powell,” Deutsche Bank economists said in a note emailed to The Epoch Times.
He is married to Jane Lauder, the granddaughter of Estee Lauder. Ronald Lauder, the heir to the Estee Lauder cosmetics fortune, is Warsh’s father-in-law.
By Andrew Moran
