Dive Brief:

• President Donald Trump nominated Kevin Warsh, a former Federal Reserve governor and long-time Wall Street insider, as his pick to succeed Fed Chair Jerome Powell, according to a Friday social media post on the president’s Truth Social account. 
• “I have known Kevin for a long period of time, and have no doubt that we will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump said in the post. “On top of everything else, he is ‘central casting,’ and he will never let you down.”
• Powell, who was nominated by Trump in 2017 to replace Janet Yellen, has served as chair since February 2018. His term as Fed chair expires in May. 

Dive Insight:

Warsh, 55, served on the Fed’s Board of Governors from 2006 to 2011 and currently is a lecturer at the Stanford Graduate School of Business and a distinguished visiting fellow in economics at the Hoover Institution, a public policy think tank at Stanford University in Stanford, California. His nomination must be confirmed by the Senate.