Trump nominates Kevin Warsh to replace Fed Chair Jerome Powell

President Donald Trump has nominated Kevin Warsh to be the next chairman of the Federal Reserve, as Chairman Jerome Powell is slated to finish off his term in the position. The president has been pushing for the Fed to lower the interest rates for months. 

"I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, and Lecturer at the Stanford Graduate School of Business. He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received his A.B. from Stanford University, and J.D. from Harvard Law School. He has conducted extensive research in the field of Economics and Finance. Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom," Trump wrote. "Parliament adopted the Report's recommendations."

"Kevin Warsh became the youngest Fed Governor, ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve's Representative to the Group of Twenty (G-20), and as the Board's Emissary to the Emerging and Advanced Economies in Asia. In addition, he was Administrative Governor, managing and overseeing the Board's operations, personnel, and financial performance. Prior to his appointment to the Board, from 2002 until 2006, Kevin served as Special Assistant to the President for Economic Policy, and Executive Secretary of the White House National Economic Council. Previously, Kevin was a member of the Mergers & Acquisitions Department at Morgan Stanley & Co., in New York, serving as Vice President and Executive Director. 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. On top of everything else, he is 'central casting,' and he will never let you down. Congratulations Kevin! PRESIDENT DONALD J. TRUMP," he added. 

Warsh is a former Fed governor and was previously under consideration to be the Treasury Secretary for Trump's second term. He was previously appointed as a Fed governor at the age of 35, which made him the youngest to ever serve on the board. 

Because of his past experience on the board, the pick likely won't ripple the markets that much, according to CNBC. "He has the respect and credibility of the financial markets," chief investment officer of The Bahnsen Group, David Bahnsen, said on Squawk Box. 

“There was no person who was going to get this job who wasn’t going to be cutting rates in the short term. However, I believe longer term he will be a credible candidate,” he added.