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“The Big Money Show” panel reacts to President Donald Trump’s pick at the Fed as markets weigh the future of interest rates and monetary policy.
president donald trump on Friday announced the nomination of Kevin Warsh as the next chairman of the Federal Reserve after a long deliberation process.
Warsh, who previously served as a member of the Fed’s Board of Governors from 2006 to 2011, was under consideration for the chairmanship when Trump nominated Jerome Powell in office in 2017. Powell was re-elected to a second term in 2022, which will expire in May.
In addition to his prior central banking experience, Warsh worked in the private sector at JPMorgan before serving in President George W. Bush’s administration prior to his first Fed appointment, which made him the youngest Fed governor in history.
Former Fed Governor Kevin Warsh was nominated by President Donald Trump to be the next chairman of the Fed. (Daniel Acker/Bloomberg via Getty Images/Getty Images)
Since then, he has held positions at the Hoover Institution, the Stanford Graduate School of Business, and the UPS board, while also serving on a group of economic advisers at the Congressional Budget Office.
Numerous business leaders and executives, as well as trade groups representing American companies, issued statements congratulating Warsh on the nomination and discussing his suitability for the role. Here’s a look at what they had to say.
WHO IS KEVIN WARSH, TRUMP’S CHOICE TO SUCCES JEROME POWELL AS CHAIR?
Bank of America CEO Brian Moynihan issued a statement expressing his support for Warsh’s nomination. (John Lamparski/Getty Images/Getty Images)
Brian Moynihan, CEO of Bank of America
“I have known Kevin for many years in his many capacities serving our country and his training and experience are well suited to the role. I wish him the best of luck in the process ahead.”
| Ticker | security | last | change | % change |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 53.23 | +0.19 |
+0.36% |
Carol Tomé, CEO of UPS
“Since joining the UPS board For more than 13 years, Kevin Warsh has served as a trusted advisor and colleague. His deep knowledge of the financial markets, his global economic vision, experience in crisis management and his sound judgment have made him an invaluable member of our Board. On behalf of our more than 400,000 employees, we celebrate his nomination and his willingness to serve our country in this key role.”
| Ticker | security | last | change | % change |
|---|---|---|---|---|
| UPS | UNITED PARCEL SERVICE INC. | 106.22 | +0.26 |
+0.25% |
LAWMAKERS REACT TO TRUMP NOMINATING KEVIN WARSH FOR FEDERAL RESERVE CHAIRMAN
Suzanne Clark, CEO of the US Chamber of Commerce
“Kevin is well known in the business community. We appreciate his years of focus on how we do it grow the economy and maintain stable prices for America’s families, and we look forward to your confirmation process.”
Eric Pan, CEO of the Investment Company Institute (IC).
“Warsh’s extensive experience in monetary policy and financial regulation, along with his deep understanding of the The Federal Reserve dual mandate, will serve him well in this position. His unique experience as a former Federal Reserve Governor, paired with his expertise in global financial markets, means he has a strong foundation from which to step into this leadership role. We commend President Trump for this outstanding nomination and look forward to working with Warsh to support the millions of American investors we serve.”
TRUMP FED KEVIN WARSH faces unexpected shutdown over ongoing POWELL probe
Warsh previously served on the Fed’s Board of Governors from 2006 to 2011. (Tierney L. Cross/Bloomberg via Getty Images/Getty Images)
Rob Nichols, CEO of the American Bankers Association
“In selecting Warsh, President Trump has chosen an experienced and proven lawmaker who previously served at the Fed during one of its most difficult times. Having worked alongside him in the Bush administration, I know he has a deep understanding of monetary policy, markets and the important role of banks of the nation play in the economy. We look forward to learning more about his current policy views during the confirmation process and ultimately seeing a smooth transition in Fed leadership.”
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Rebeca Romero Rainey, CEO of Independent Community Bankers of America
“ICBA and the nation’s community banks congratulate Kevin Warsh on his nomination as Chairman of the Federal Reserve Board. As a former member of the Fed’s board, Warsh has demonstrated a clear understanding of the important role community banks play in the nation’s economy and the need to tiered regulations to support access to banking services in local communities.”
