What is the story about?
US President Donald Trump, on Friday, named Kevin Warsh as the successor to Jerome Powell as Federal Reserve chair. With Warsh's appointment, the five-month
odyssey that has seen unprecedented turmoil around the central bank has finally come to an end. “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,” said Trump, announcing the selection, in a post on Truth Social.
Who is Kevin Warsh?
Kevin Warsh is the former Governor of the US Federal Reserve. He was appointed to the Board of Governors of the US Federal Reserve and sworn in on February 24, 2006, serving until his departure from the Board on March 31, 2011. He also served on the board earlier in the George Bush administration.
Born in Albany, New York, Warsh studied public policy, with an emphasis on economics and statistics at Stanford University, where he received a bachelor's degree with honours in 1992, after which he went on to Harvard Law School where he focused his studies on the intersection between law, economics and regulatory policy and received a law degree in 1995. Moreover, he completed coursework in market economics and debt capital markets at Harvard Business School and the Massachusetts Institute of Technology's Sloan School of Management.
In 1995, Warsh joined Morgan Stanley & Co.’s mergers and acquisitions division in New York, where he advised companies across manufacturing, basic materials, professional services and technology, while also working on capital markets transactions and debt and equity financing.
In February 2002, he joined the administration for President George Bush leaving his vice president and executive director post at Morgan Stanley & Co. He served as special assistant to the president for economic policy and as executive secretary of the National Economic Council, advising the president and senior officials on US economic issues, particularly capital markets, securities, banking, insurance and fund flows, while also serving on the President’s Working Group on Financial Markets.
President Bush appointed Warsh to the Board of Governors in 2006. During his tenure, he represented the Board at the Group of Twenty (G-20) and served as an emissary to both emerging and advanced economies across Asia. He also acted as the administrative governor, overseeing the Board’s operations, workforce, and financial management.
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