Kevin Warsh, President Donald Trump's choice as the next Fed chair, is a veteran central banker who served during the critical period from 2006 to 2011 leading up to and ultimately through the global financial crisis and the central bank's efforts to stabilize the economy.
Trump mentioned Warsh's extensive background in announcing his appointment to the top Fed position on Friday morning. “Above all, he is the 'right person,' and he will never disappoint you,” Trump said.
During his first term at the Federal Reserve, Kevin Warsh came to the central bank that would be asked to save the world. He returns now in a very different situation, asked to serve a famously fickle president who will make significant but very different demands of him.
Warsh is indeed a Fed veteran, having served during the critical period from 2006 to 2011 and ultimately navigating the global financial crisis and the central bank's efforts to stabilize the economy. Appointed by President George W. Bush, Warsh was one of the youngest members to ever serve on the Board of Governors.
While at the Fed, Warsh played a key role in designing and implementing emergency lending programs aimed at stabilizing credit markets. Warsh also played a crucial role in helping design various programs aimed at saving the economy. One such program, developed separately at the Treasury Department, is known as the Troubled Asset Relief Program, which was developed by Neel Kashkari, who now serves as president of the Fed Minneapolis.
However, Warsh emerged from that era as a Fed critic.
He warned that large-scale asset purchases and near-zero benchmark interest rates risk distorting markets and undermining long-term price stability. While supporting earlier efforts, Warsh opposed the second round of Fed bond purchases, a program known as quantitative easing.
#WhoIsNextFedChair $BTC
Trump mentioned Warsh's extensive background in announcing his appointment to the top Fed position on Friday morning. “Above all, he is the 'right person,' and he will never disappoint you,” Trump said.
During his first term at the Federal Reserve, Kevin Warsh came to the central bank that would be asked to save the world. He returns now in a very different situation, asked to serve a famously fickle president who will make significant but very different demands of him.
Warsh is indeed a Fed veteran, having served during the critical period from 2006 to 2011 and ultimately navigating the global financial crisis and the central bank's efforts to stabilize the economy. Appointed by President George W. Bush, Warsh was one of the youngest members to ever serve on the Board of Governors.
While at the Fed, Warsh played a key role in designing and implementing emergency lending programs aimed at stabilizing credit markets. Warsh also played a crucial role in helping design various programs aimed at saving the economy. One such program, developed separately at the Treasury Department, is known as the Troubled Asset Relief Program, which was developed by Neel Kashkari, who now serves as president of the Fed Minneapolis.
However, Warsh emerged from that era as a Fed critic.
He warned that large-scale asset purchases and near-zero benchmark interest rates risk distorting markets and undermining long-term price stability. While supporting earlier efforts, Warsh opposed the second round of Fed bond purchases, a program known as quantitative easing.
#WhoIsNextFedChair $BTC