Trump nominates Kevin Warsh as next Federal Reserve chair. The former Fed governor would replace Jerome Powell when his term ends May 15, marking a significant shift in central bank leadership. Warsh's nomination aligns with Trump's repeated calls for lower interest rates, a policy stance the president has championed. The candidate has suggested that artificial intelligence-driven productivity gains could support rate cuts without triggering inflation. However, Warsh faces substantial political obstacles. His confirmation requires Senate Banking Committee approval, where Republicans hold only a narrow majority. Senator Thom Tillis has pledged to block the nomination while a Department of Justice investigation into Powell continues.