With Jerome Powell's term ending in May 2026, speculation has been rife regarding who will be nominated to succeed him as Chair of the Federal Reserve. In January 2026, Bloomberg News reported that the Trump administration is preparing to nominate Kevin Warsh for the position. President Trump is expected to formally announce his intent to nominate Warsh on Friday.

Kevin Maxwell Warsh, born on April 13, 1970, is an American financier and bank executive with a notable history in economic policy and central banking. He was a member of the Board of Governors of the Federal Reserve System from 2006 to 2011.

Warsh's career began in the mergers and acquisitions department at Morgan Stanley & Co. in New York, where he served as a financial advisor across various industries. In February 2002, he transitioned to public service, becoming Special Assistant to the President for Economic Policy and Executive Secretary of the White House National Economic Council under President George W. Bush. During this time, he advised the President and senior officials on the U.S. economy, capital markets, and banking and insurance issues.

In 2006, Warsh was appointed to the Federal Reserve Board of Governors, where he remained until 2011. During and after the 2008 financial crisis, he was the central bank's primary liaison to Wall Street. He also served as the Federal Reserve's representative to the Group of Twenty (G20) and as the Board's emissary to emerging and advanced economies in Asia. As an administrative governor, Warsh managed and oversaw the Board's operations, personnel, and financial performance.

Currently, Warsh is the Shepard Family Distinguished Visiting Fellow in Economics at Stanford University's Hoover Institution and a scholar and lecturer at the Stanford Graduate School of Business. He is a member of the board of directors at Coupang and UPS and an advisory board member for Rubicon Global. Additionally, Warsh is a member of the Group of Thirty and the Panel of Economic Advisers of the Congressional Budget Office.

Warsh's potential nomination has already stirred reactions in the financial markets. Stocks and commodities have decreased, while the dollar and bond yields have increased. Some market participants view Warsh as potentially more hawkish compared to other candidates, which may reduce expectations for further interest rate cuts.

Trump stated he would name Powell's successor on Friday, and all eyes are focused on Warsh.