Trump nominates new Federal Reserve chief: A look at powerful past Fed chairs

US President Donald Trump on Friday, January 30, nominated Kevin Warsh as governor of Federal Reserve. Warsh is set to succeed Jerome Powell, whose term as chair expires in May 2026. He had previously

interviewed for the job of chair in 2017, when the role went to Powell.

Announcing his latest move on Truth Social, Trump said, "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.” Warsh, who served as Fed governor between 2006 and 2011, is currently a lecturer at Stanford and holds roles at UPS, Coupang, and the Duquesne Family Office.

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Federal Reserve chairs have wielded immense power over the global economy, each leaving a distinct mark through their response to inflation, recessions, and financial crises.

Take a look at highly influential Fed chairs and their legacy.

Paul Volcker

Paul Volcker served as chairman of the Board of Governors of the Federal Reserve System from August 1979 to August 1987. Appointed by President Jimmy Carter in 1979, he was reappointed for a second term by President Ronald Reagan. Volcker is credited with reducing high inflation and strengthening the US economy.

Janet Yellen

The first woman to lead the Fed, Yellen was appointed by President Barack Obama. Yellen succeeded Ben Bernanke as chair in 2014. She is remembered for her normalisation of monetary policy, carefully raising rates as the economy recovered from the 2007-2008 financial crisis. She also headed the Council of Economic Advisors under President Bill Clinton.

Ben Bernanke

Ben Bernanke was instrumental in reviving the US economy following the 2008 crisis, which drove it into a downward spiral. He used an aggressive and experimental strategy to re-establish trust in the financial sector. In 2022, he was awarded the Nobel Prize in Economic Sciences, “for research on banks and financial crises.” Initially, he was nominated as chair of the Fed by President George W. Bush in 2005. Later in 2009, Obama nominated him for a second term as chair.

Alan Greenspan

Alan Greenspan served as the 13th chair of the Federal Reserve for over 18 years, from 1987 to 2006, making him one of the longest-serving chairs in history. Appointed by President Ronald Reagan, he was reappointed by presidents George H.W. Bush, Bill Clinton, and George W. Bush, navigating major events like the 1987 crash, 9/11, and the dotcom bubble.

William McChesney Martin Jr

The Martin took office as the Fed chair in 1951 and served until 1970 under five different presidents. He was known for his tight money policies and anti-inflation bias. In his role as assistant secretary of the Treasury (1949-1951), he negotiated the 1951 Treasury-Fed Accord, which gave the Fed authority over monetary policy and abolished its responsibility to monetise Treasury debt at a set rate. He served on the boards of several major corporations and nonprofit organisations after retiring from the Federal Reserve.

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