Trump nominates Kevin Warsh to replace Powell as Federal Reserve chair

President Donald Trump nominated Kevin Warsh on January 30, 2026 to succeed Jerome Powell as Federal Reserve Chair, ending a months-long pressure campaign that included threats to fire Powell, a Department of Justice criminal investigation of Powell, and repeated public attacks on Fed interest rate decisions. Powell's four-year term as chair was set to expire May 15, 2026. Warsh, a former Fed governor and Wall Street banker, had publicly urged the Fed to begin cutting rates, aligning with Trump's stated preferences.