"President Trump, who wants to reduce interest rates banks charge on loans, said today (Jan. 30) that he will nominate Kevin Warsh of Stanford to be the next chair of the Fed. Warsh would replace current chair Jerome Powell when his term expires in May. Trump chose Powell to lead the Fed in 2017 but this year has relentlessly assailed him for not cutting interest rates quickly enough. "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," Trump posted on his Truth Social site. "On top of everything else, he is 'central casting,' and he will never let you down.""
"The appointment, which requires Senate confirmation, amounts to a return trip for Warsh, 55, who was a member of the Fed's board from 2006 to 2011. He was the youngest governor in history when he was appointed at age 35. Warsh is the Shepard Family Distinguished Visiting Fellow in Economics at Stanford's Hoover Institution and a visiting scholar at Stanford Graduate School of Business. He received his bachelor's from Stanford University and a law degree from Harvard Law School. At Stanford, he studied public policy, with an emphasis on economics and statistics."
President Trump announced his intent to nominate Kevin Warsh to be the next Federal Reserve chair, replacing Jerome Powell when his term ends in May. Warsh previously served on the Fed board from 2006 to 2011 and was the youngest governor at age 35. Warsh is a Hoover Institution fellow and visiting scholar at Stanford, holding degrees from Stanford and Harvard Law. Warsh has been characterized as a monetary hawk who opposed some low-rate policies after the 2008-09 recession. The nomination requires Senate confirmation and contrasts with the president's push for much lower interest rates.
Read at Padailypost
Unable to calculate read time
Collection
[
|
...
]