Former President Donald Trump is once again making headlines for his harsh stance on Federal Reserve Chair Jerome Powell. Speaking at a recent Oval Office event, Trump didn’t hold back, saying Powell’s “termination can’t come fast enough” and suggesting that the Fed chief “will be out of there real fast” if he has anything to say about it.
Although legal experts note that a president doesn’t have the direct authority to remove the Fed chair solely over policy disagreements, Trump has built a reputation for challenging institutional norms—and could try to do the same here.
As speculation swirls, one name keeps surfacing as the leading candidate to take over the Fed: Kevin Warsh. A former member of the Federal Reserve Board of Governors, Warsh has been floated as a possible replacement either at the conclusion of Powell’s current term in May 2026—or potentially sooner if Trump finds a way to push him out.
Warsh isn’t new to the spotlight. He was once considered for the Fed’s top job during Trump’s first term and was even eyed for the role of Treasury Secretary in a possible second Trump administration. Many observers believe Trump’s pick of Scott Bessent as Treasury Secretary was a strategic move—intended to keep the door open for Warsh to take the Fed’s helm.
Bessent recently told Bloomberg that interviews for Powell’s successor would begin this fall. However, he added that “monetary policy is a jewel box that’s got to be preserved,” hinting at the high stakes surrounding the Fed’s future leadership.
So, who is Kevin Warsh?
At 55, Warsh brings experience from both Wall Street and Washington. He served as a vice president in Morgan Stanley’s M&A division before joining President George W. Bush’s administration as an economic advisor. Bush later appointed him to the Federal Reserve Board, where he played a critical role during the 2008 financial crisis—helping to engineer the sale of Bear Stearns but also drawing criticism for allowing Lehman Brothers to collapse.
Warsh resigned from the Fed in 2011, citing disagreements over the central bank’s quantitative easing measures. Since then, he has remained active in policy circles, advising Trump’s transition team after the 2016 election and serving as a senior fellow at Stanford’s Hoover Institution.
Warsh, who is married to billionaire Jane Lauder of the Estée Lauder empire, also sits on the Congressional Budget Office’s advisory panel.
Economically, Warsh aligns closely with Trump’s critique of the current Fed. In a Wall Street Journal op-ed, he slammed the central bank for enabling inflation through excessive money printing and government overspending. While mainstream economists attribute recent inflation largely to post-pandemic supply and demand shocks, Warsh argues that the Fed’s choices played a central role.
He has also spoken out against the Fed’s perceived political bias, pointing to internal discussions suggesting Trump’s policies might spur inflation. In a Fox Business interview, Warsh defended Trump’s approach, saying the economy was undergoing a necessary transformation.
“In the end, inflation is a choice,” Warsh said. “And the Fed has made a series of poor choices over the past few years. It’s up to the president to rein it in—starting with cutting back on government spending.”
