US President Donald Trump on Wednesday formally sent the nomination of Kevin Warsh to the Senate to serve as the next chairman of the Board of Governors of the Federal Reserve System.
Warsh was also nominated to be a member of the Board of Governors for a 14-year term, effective from Feb. 1, according to a White House statement.
The move follows a series of high-profile appointments by the Trump administration aimed at reshaping the country's top financial and regulatory institutions.
Warsh previously served on the Federal Reserve Board from 2006 to 2011, having been appointed by former President George W. Bush at the age of 35, making him the youngest appointee in the board's history at the time.
Known for his hawkish stance on inflation and advocacy for a more rule-based monetary policy, Warsh has often criticized the Fed's aggressive bond-buying programs during previous years.
His nomination comes at a time when the Trump administration is pushing for significant economic reforms, including major tax cuts and deregulation under the guidance of the Department of Government Efficiency.
If confirmed by the Senate, Warsh will replace Jerome Powell.
The nomination is expected to face intense scrutiny in the Senate, where lawmakers will debate the future trajectory of the US central bank's independence and its approach to monetary easing.
