Publications

The Trump administration has nominated Kevin Warsh, a former Federal Reserve Board Governor (2006-2011), as the next Fed Chairman for a 4-year term. He must still face Senate confirmation hearings, a complex process with potential delays.

Born in 1970, Warsh graduated from Stanford and Harvard, worked at Morgan Stanley, and advised George W. Bush on financial regulation. He is married to the daughter of Estée Lauder's son, a long-time friend and financial supporter of Trump. Warsh was appointed Fed Governor in 2006 and warned about liquidity risks before the 2008 global financial crisis. He led post-crisis reforms focused on systemic risks, including efforts to modernise the Fed's real-time market-surveillance systems and played a role in designing emergency liquidity facilities during the crisis itself.

In a notable contradiction, he supported the Fed's 2020 quantitative easing despite his stated scepticism on the need for an easy monetary policy. Warsh, who left the Fed in 2011, has since criticised the institution for keeping rates low for too long after the pandemic, blaming those policies for the 2021-2022 inflation surge.