US President Donald Trump nominates former Fed member Kevin Warsh as chairman of the US central bank (Fed). Trump writes on the social media Truth Social.
- I am pleased to announce that I am nominating Kevin Warsh to become chairman of the Federal Reserve Board, writes Trump.
The Federal Reserve is the name of the central bank. The president of the United States appoints the bank chairman, and the election must then be approved by the Senate.
- I have known Kevin for a long time and have no doubt that he will be one of the great Fed chiefs, perhaps the best, writes Trump.
Current Fed chief Jerome Powell's term expires in May. Trump has repeatedly criticized Jerome Powell in sharp terms for not wanting to lower interest rates, even though the central bank lowered interest rates three times last year, so that they are now in the range of 3.5 to 3.75 percent.
The president has also made no secret of the fact that he wanted Powell replaced. Trump wants interest rates lowered by two to three percentage points. The goal is to stimulate the economy and lower the government's borrowing costs.
/ritzau/
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