During a night of events, the president said he will formally announce his choice for the next Federal Reserve chair on Friday morning. He made the announcement at the premiere of a film featuring the First Lady, adding that he already knows who will take the role.
Market betting has put former Federal Reserve governor Kevin Warsh at the top of the list, with odds exceeding 85%. A recent post on a social media platform indicated that the president is leaning toward Warsh for the position.
The short list for the job includes Warsh, current Fed governor Chris Waller, a senior fixed‑income executive from a large investment firm, and the director of the National Economic Council.
After a Bloomberg report, Warsh’s odds rose to 95%. The report also mentioned that the president met with him at the White House, suggesting the nomination is close to being finalized.
However, a senator from North Carolina has warned that he will block any nominee until an ongoing criminal investigation into the current chair of the Federal Reserve is resolved.
Warsh’s background is steeped in monetary policy. He was appointed by a former president in 2006 and served as the Federal Reserve’s liaison to Wall Street during the 2008 financial crisis. He stepped down from the board in 2011, after holding roles such as special assistant to the president for economic policy and executive secretary at the National Economic Council.
A counselor to the Treasury Secretary expressed confidence that a new chair will be in place by the end of the current chair’s term in May. He said the transition should not be delayed and that the president will put forward a candidate who can run the Fed effectively.
In addition to the Fed nomination, Treasury officials promoted a new tax‑advantaged investment vehicle. Families with children born between 2025 and 2028 can receive a $1,000 Treasury contribution that is automatically invested in a broad stock index fund, provided they check a box on the relevant tax form.
