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Kevin Warsh, former governor of the US Federal Reserve has been picked by US President Donald Trump as the 17th Chair of the central bank, an official announcement made on Friday disclosed.
Warsh will succeed
Jerome Powell, whose eight-year tenure as the Fed Chair will end in May 2026.
The former Fed Governor has outrun other top contenders for the role, which included White House economic advisor Kevin Hassett and Christopher Waller, who is currently a member of the Fed’s board. Besides them, BlackRock’s Rick Rieder was also a probable candidate for the key role.
Who is Kevin Warsh?
Born in Albany, New York, Warsh earlier served as the Federal Reserve governor between 2006 and 2011, a period that dealt with the global financial crisis. Warsh has been a strong supporter of the US central bank’s policy stance focused on price stability.
He was sworn in as a member of the Board of Governors on February 24, 2006, and left the position on March 31, 2011, according to Federal Reserve archives.
Warsh's vast career spans across the private sector and Capitol Hill, as well as senior roles within the Federal Reserve. He studied public policy at Stanford University, with an emphasis on economics and statistics.
After receiving his bachelor's degree with honours in 1992, Warsh earned a law degree from Harvard Law School in 1995. Besides this, he even completed coursework in market economics and debt capital markets from the Harvard Business School and the Sloan School of Management of the Massachusetts Institute of Technology.
He kick-started his professional career with Morgan Stanley in New York in 1995. In this role, he served as the financial advisor for multiple companies across different sectors, including manufacturing and technology.
Warsh stepped down from his role of vice president and executive director at Morgan Stanley in February 2002 and later joined the President George W. Bush-led administration, where he was the special assistant to the US President for economic policy and even worked as the executive secretary at the National Economic Council.
He advised the senior administration officials on key issues related to the US economy. Additionally, he was a member of the President's Working Group on Financial Markets.
Warsh came into the spotlight in 2006 when Bush nominated him to serve on the Board of Governors. He was the Board's representative to the Group of Twenty (G-20), and emissary to the emerging and advanced economies in Asia.
He stepped down in 2011 and then became a board member at UPS and Coupang, besides acting as the economic advisor to the Congressional Budget Office (CBO), according to a Fortune report.
Warsh is a partner at the Duquesne Family Office, currently looked after by investor Stanley Druckenmiller.
