Trump taps Kevin Warsh as nominee for next Fed chair

US President Donald Trump announced Friday that he has picked former Federal Reserve governor Kevin Warsh as his nominee for the next Fed chair, saying he will be "one of the GREAT Fed Chairmen, maybe the best."

"I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM," Trump wrote on his Truth Social platform.

"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," he added.

Calling Warsh "central casting," Trump said he will never "let you down."

Warsh advised Trump on economic strategy and previously served on the Board of Governors of the US central bank from 2006 to 2011.

If nominated and confirmed, Warsh would replace Jerome Powell, whose term as Fed chair expires in May.

The 55-year-old would return to the spotlight after Powell was chosen by Trump in 2017 for the top post.

Despite his earlier reputation as an inflation hawk, Warsh has recently aligned with Trump by publicly advocating lower interest rates.

The confirmation process could prove difficult, however, as some Republican senators have pledged to block any Fed nominations until the US Justice Department completes an inquiry into the central bank's renovation of its Washington headquarters.