Business leaders celebrate Trump's Fed chair pick

• Warsh brings extensive experience, having been the youngest Fed governor in history and serving during the financial crisis, plus holding roles at JPMorgan, the Bush administration, Stanford, and UPS's board
• Bank of America CEO Brian Moynihan and UPS CEO Carol Tomé, who worked with Warsh for 13 years, endorsed his nomination, praising his financial markets knowledge and crisis management expertise
• Industry groups including the U.S. Chamber of Commerce, American Bankers Association, and Investment Company Institute expressed support, emphasizing his understanding of the Fed's dual mandate and community banking's role

Summary: Trump Nominates Kevin Warsh as Federal Reserve Chair

President Donald Trump announced Friday the nomination of Kevin Warsh to serve as the next Federal Reserve chairman, replacing Jerome Powell whose term expires in May. Powell was initially nominated by Trump in 2017 and reappointed in 2022.

Key Nominee Background:

Warsh previously served on the Fed's Board of Governors from 2006-2011, making him the youngest Fed governor in history at the time. His experience includes roles at JPMorgan, the George W. Bush administration, Stanford's Graduate School of Business, the Hoover Institution, and the UPS board. He was also under consideration for the Fed chair position in 2017.

Industry Response:

The nomination received widespread support from major business leaders and trade organizations:

• Bank of America CEO Brian Moynihan praised Warsh's background and experience as suited for the role
• UPS CEO Carol Tomé highlighted his 13+ years on UPS's board, citing his "deep financial markets knowledge, global economic insight, crisis management expertise, and sound judgment"
• U.S. Chamber of Commerce CEO Suzanne Clark acknowledged his focus on economic growth and price stability
• Investment Company Institute CEO Eric Pan emphasized Warsh's understanding of the Fed's dual mandate and experience in monetary policy
• American Bankers Association CEO Rob Nichols noted Warsh's service during challenging Fed moments
• ICBA CEO Rebeca Romero Rainey recognized his understanding of community banks' role in the economy

The nomination comes as markets closely monitor future interest rate policy and monetary policy direction under new Fed leadership.