Trump officially nominates Kevin Warsh as Fed chair to replace Jerome Powell

• President Donald Trump on Wednesday, March 4, 2026, officially nominated Kevin Warsh to be the next chairman of the Federal Reserve (Fed). Warsh, if confirmed by the Senate, would succeed Fed Chairman Jerome Powell for a four-year term. Trump’s nomination was transmitted to the Senate, the White House said in a statement posted online on Wednesday. That transmittal came more than a month after Trump first publicly announced he wanted Warsh as the Fed chairman.
• Powell's term as chair ends in May, but he has two more years as a Fed governor. Usually, chairs resign their governor terms after their chair term ends. But it's unknown if he will. Additionally, Senator Thom Tillis said he would block Warsh's nomination in the Senate until the investigation of Powell is dropped. His stance could block the nomination from consideration by the Senate.
• "Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable," Tillis said on X right after Trump announced Warsh was his pick. "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."
• Warsh served on the Fed's board for five years, beginning in 2006, named by President George W. Bush. He serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and is a lecturer at the Stanford Graduate School of Business. He is also a Partner at Duquesne Family Office, a New York investment firm founded by Stanley Druckenmiller.

(Sources: CNBC & Yahoo Finance)