by Ben Whedon
President Donald Trump on Wednesday formally nominated Kevin Warsh to succeed Jerome Powell as chairman of the Federal Reserve, CNBC reported.
Trump has long criticized Powell over his hesitance to lower interest rates and the Department of Justice has initiated a criminal probe over his handling of a renovation of the Fed building in D.C.
Powell’s term as Fed Chair is set to end in May, though his term as a member of the Board of Governors does not end until 2028.
Sen. Thom Tillis, R-N.C., has vowed to block his confirmation unless the DOJ ends the probe into Powell.
Trump has long been critical of Powell as the chairman of the Federal Reserve.
In January, Trump called Powell “incompetent” and “crooked.”
One month before this, Trump called him a “fool” at a speech at Mar-a-Lago.
“‘Too late’ Powell, ‘too late,’ because he’s always too late with interest rates, except before the election, it was too early because that was supposed to help her get elected. It had no impact, we won all seven swing states,” Trump said, according to Fox Business.
In October 2025, Trump criticized Powell for being slow to lower interest rates.
“We’re not going to have a Fed that raises interest rates because it’s worried about inflation three years from now,” the president said, according to Fox Business.
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Ben Whedon is a reporter for Just the News. Zachery Schmidt is the digital editor of The Star News Network and contributed to this story.
