Washington
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President Donald Trump is expected to announce Friday his intent to nominate Kevin Warsh to be the next Federal Reserve chair, according to two people involved in the process.
Trump, who has been weighing the decision for several months and had narrowed down the list of candidates to four in recent weeks, told reporters on Thursday night he had finalized his pick and would formally make the announcement on Friday.
“I’m going to be announcing, I think, a really great choice tomorrow,” Trump said while arriving at the premiere of first lady Melania Trump’s documentary. Trump did not name his selection.
Warsh met with Trump at the White House on Thursday, according to a person familiar with the matter, and administration officials have been preparing since for the former Fed governor to be Trump’s nominee.
The White House and Warsh didn’t immediately respond to requests for comment.
Trump declined to publicly name his choice, and administration officials cautioned that nothing was final until announced by Trump directly. Several officials noted that Trump has shifted his view on the best candidate several times over the course of the process.
But Trump appeared set in his decision on Thursday night, and the preparations for a White House announcement were underway, the people said.
“It’s going to be somebody that is very respected, somebody that’s known to everybody in the financial world,” Trump said. “And I think it’s going to be a very good choice.”
Warsh, National Economic Council Director Kevin Hassett, BlackRock executive Rick Rieder and Fed Governor Christopher Waller were the final four candidates under consideration. Trump held in-person interviews with each of the final four candidates as the final stage of a process that concluded earlier this month.
Warsh has long been mentioned by Trump as one of his top candidates for the role and met with Trump in December for his formal interview. The sit-down was viewed positively by Trump’s advisors, and Trump told associates that he thought Warsh did well. He also made clear that Warsh, according to one person who spoke to him about the meeting, “looked the part.”
Warsh served as a Fed governor for five years after being nominated by President George W. Bush. He’s been considered for top economic roles in the first and second Trump administrations and was viewed as a possible Treasury secretary pick before Trump tapped Scott Bessent.
Warsh was also considered by Trump in 2017 for the Fed chair role, which ultimately went to Jerome Powell.
“A lot of people think that this is somebody that could have been there a few years ago,” Trump told reporters Thursday night.
Trump quickly soured on Powell in his first term and has attacked and criticized the chair and the Fed relentlessly throughout the first year of his second term.