Former President Donald Trump is once again making headlines for his plans to shake up the U.S. Federal Reserve. Reports now suggest that Trump is seriously considering Kevin Warsh, a former Federal Reserve governor and Wall Street veteran, as a potential replacement for current Fed Chair Jerome Powell.
According to The Wall Street Journal, Trump has privately discussed removing Powell before his term ends in May 2026.
The former president has also reportedly held meetings with Warsh at his Mar-a-Lago residence, indicating that he may already be preparing for a change in Fed leadership, should he return to office.
Trump hasn’t held back his criticism of Powell. On Thursday, he took to Truth Social to slam the Fed chair, calling him “always TOO LATE AND WRONG” and even wrote, “Powell’s termination cannot come fast enough!”
The former president doubled down while speaking to reporters in the Oval Office, claiming that he has the authority to fire Powell, regardless of legal challenges. “If I want him out, he’ll be out of there real fast, believe me,” Trump said.
Kevin Warsh, who is now 55 years old, brings a long history in both the private and public financial sectors. Before joining the Federal Reserve Board in 2006, he worked as a banker at Morgan Stanley.
He served under President George W. Bush as an economic advisor from 2002 to 2006, and later played a significant role in the U.S. government’s response to the 2008 financial crisis by helping design strategies to stabilize the banking sector.
Warsh was also part of Trump’s second-term transition team and had been a strong contender for the role of Treasury Secretary during Trump’s first term, before Scott Bessent was chosen. Back in 2017, Warsh was one of Trump’s top candidates for the Fed Chair position, but Powell eventually secured the role.
Aside from his government work, Warsh is known for his involvement in the cryptocurrency world. He has invested in crypto-related startups, including Bitwise, which manages crypto index funds, and the now-defunct Basis platform.
In a 2022 op-ed in The Wall Street Journal, Warsh described cryptocurrency as both a risk and an opportunity for the U.S.-led financial system.
He also advocated for the Federal Reserve to develop a central bank digital currency (CBDC) to rival China’s digital yuan.
Despite the close connection with Trump and his qualifications, it’s unclear whether Yellen is even interested in taking over as Fed Chair. He has not commented publicly or responded to Business Insider’s request for remarks.
Interestingly, according to the Journal, Warsh has reportedly advised Trump against firing Powell before his term ends.
He believes it would be better to allow Powell to complete his tenure instead of disrupting the top of the Federal Reserve.
Warsh is also known for his conservative stance on financial policy. In July, he criticized the U.S. government’s handling of inflation, blaming it on “irresponsible government spending and excessive money printing.”
He comes from a prominent family background and is married to Jane Lauder, heiress to the Estée Lauder beauty empire. Her father, Ron Lauder, is said to have influenced Trump’s fascination with the idea of purchasing Greenland.
With Trump eyeing a return to the White House and already making plans for key positions, Kevin Warsh’s name might become more prominent in the coming months.
However, much will depend on how the 2024 election plays out—and whether Warsh is willing to take on one of the most influential economic roles in the country.
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