President Trump has officially nominated Kevin Warsh to be the next chairman of the Federal Reserve.

“Kevin Warsh, of Florida, to be Chairman of the Board of Governors of the Federal Reserve System for a term of four years,” the White House stated.

“Kevin Warsh, of Florida, to be a Member of the Board of Governors of the Federal Reserve System for a term of fourteen years from February 1, 2026,” it added.

Warsh, if confirmed by the Senate, would replace Fed Chairman Jerome Powell.

Reuters has more:

The next public step in the process is a hearing by the Senate Banking committee; a spokesman for the panel did not immediately respond to a request for information on the timing.

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One of the committee’s members, Republican Senator Thom Tillis, has promised to block any Fed nomination as long as a Department of Justice investigation into Powell about central bank building renovations in Washington remains open.

Tillis says the probe is frivolous and amounts to intimidation by the Trump administration, which is frustrated with Powell for not cutting interest rates as quickly or deeply as it would like.

The Fed’s insulation from short-term political considerations is widely considered essential to its ability to keep inflation under control and steer the economy to a healthy footing.

Powell’s leadership term ends May 15th.

“Kevin Warsh is a qualified nominee with a deep understanding of monetary policy. However, the Department of Justice continues to pursue a criminal investigation into Chairman Jerome Powell based on committee testimony that no reasonable person could construe as possessing criminal intent. Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable,” Tillis previously said.

“My position has not changed: I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved,” he added.

 

CBS News shared further:

The Federal Reserve has been mounting a closed-door effort to block the Justice Department’s subpoenas for chairman Jerome Powell, CBS News has learned.

In January, Powell revealed that the Federal Reserve had received grand jury subpoenas from the Justice Department as part of an ongoing criminal investigation into him.

The subpoenas threatened a criminal indictment related to Powell’s testimony before the Senate Banking Committee in June 2025, according to Powell. The chairman — who has drawn President Trump’s ire for declining to rapidly slash interest rates — said the probe centered on his comments about a years-long renovation project at the Federal Reserve’s office buildings.

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The probe has not resulted in any criminal charges.

In sealed court proceedings, the Federal Reserve is challenging the legality of the subpoenas and asking a federal judge to quash them, according to a source familiar with the efforts. It’s unclear specifically what the Federal Reserve’s legal arguments are, and the challenge is taking place behind closed doors because of secrecy rules surrounding grand jury proceedings.

 

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