Bush Appoints Morgan Stanley Banker Warsh as Youngest Federal Reserve Governor in History

President George W. Bush appointed Kevin Warsh, a 35-year-old Morgan Stanley investment banker who had served as executive secretary of Bush's National Economic Council since 2002, as a member of the Federal Reserve Board of Governors on February 24, 2006. At 35, Warsh was the youngest person ever appointed to the Fed's Board of Governors. Warsh had no prior central banking experience; his background was entirely in Wall Street mergers and acquisitions and White House economic staffing. Bush's selection of a banker with White House ties over career economists drew criticism that the Fed was being staffed for political compatibility rather than monetary policy expertise.