President Trump formally nominated Kevin Warsh on Wednesday to serve as chair of the Federal Reserve Board, setting the stage for Warsh to replace current Fed Chair Jerome Powell.
The president submitted Warsh’s nomination to lead the central bank, along with a separate nomination for a 14-year term as a member of the Federal Reserve’s Board of Governors.
The Federal Reserve is overseen by a seven-member board of governors, each appointed to 14-year terms. From among those governors, the president also selects three officials to serve as chair, vice chair, and vice chair for supervision, each serving four-year terms.
Warsh previously served as a Fed governor from 2006 to 2011, becoming the youngest governor in the institution’s history. A former Morgan Stanley banker, he acted as the Fed board’s liaison to Wall Street during the 2007–08 financial crisis and earlier served as an economic adviser to former President George W. Bush.
A frontrunner for the position since Trump’s election, Warsh is widely expected to receive enough support from the Republican-controlled Senate to secure confirmation with a simple majority vote.
However, Republican Sens. Thom Tillis of North Carolina and Lisa Murkowski of Alaska have pledged to oppose Warsh’s nomination until the Justice Department concludes its investigation into Powell and the Fed’s handling of renovations at its Washington, D.C., headquarters.
Tillis, who is retiring, could also use his position on the Senate Banking Committee to slow the confirmation process, as the committee must first approve Fed nominees before they can receive a vote on the Senate floor.
Senate Republican leadership may still be able to move Warsh’s nomination forward before Powell’s term as chair expires in May. If the confirmation process extends beyond that date, Fed officials have already voted to allow Powell to serve as acting chair until Warsh is confirmed.
Trump first announced his intention to nominate Warsh in January, saying he had “no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best.”
This article originally appeared on Official Trump Tracker. It is republished with permission.
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