Donald Trump has formally nominated Kevin Warsh as the new head of the Federal Reserve, according to reports. Trump has repeatedly attacked current Federal Reserve chair Jerome Powell, calling him a 'jerk' and 'a stubborn MORON' while threatening to fire him, sources say. According to reports, Trump's attacks stem from his desire for lower interest rates, though the president cannot set interest rates directly. Jerome Powell's term as Federal Reserve chair ends on May 15, according to reports.
A criminal investigation is ongoing against Jerome Powell related to his handling of renovations at the Federal Reserve's headquarters costing $2.5 billion, according to reports. At least one Republican senator said he will try to block Kevin Warsh's nomination until the criminal investigation against Jerome Powell is dropped, sources indicate.
He had a huge effect on not just me, but generations of students that followed.
Kevin Warsh is an Ivy League economist, former Wall Street banker, and presidential adviser, according to reports. Warsh studied under economist Milton Friedman at Stanford University, sources say. He earned a law degree from Harvard University and worked in mergers and acquisitions at Morgan Stanley, according to reports. Warsh left his Wall Street job in 2002 to become an economic policy advisor under George W. Bush and the executive secretary of the National Economic Council, sources indicate. He married Jane Lauder, granddaughter of Estée Lauder, in 2002, and George W. Bush appointed him to the Federal Reserve's board of governors in 2006, according to reports. During the 2008 financial crisis, Warsh helped broker the sale of Bear Stearns to JPMorgan Chase, sources say.
Kevin Warsh has a reputation as an 'inflation hawk' who believes in raising interest rates to combat high inflation, according to reports. Trump's attacks on the Federal Reserve stem from his desire for lower interest rates, sources indicate.
I was blessed to study under the economist.
Kevin Warsh is set to appear before the Senate's banking committee for his nomination hearing on Tuesday morning, according to reports. Democratic senator Elizabeth Warren expressed concerns during the hearing that Warsh would become a 'sock puppet' for Donald Trump, sources say. Republican senator John Kennedy asked Kevin Warsh to deny he would be the president's 'sock puppet', which he did, according to reports.