Kimberly Adams

Yes, we've got Trump's pick for the new Fed chair, but there was also a Fed meeting this week.

And who really pays the cost of a snow day?

From American Public Media, this is Marketplace.

In Washington, I'm Kimberly Adams in for Kai Risdahl.

It's Friday, January 30th.

Good to have you along.

As you've probably heard by now, this morning, President Trump announced plans to nominate Kevin Warsh as the next chair of the Federal Reserve.

As a reminder, Chair Jerome Powell's term as chair is up in May, although he could choose to stay on the board until the end of 2028.

Warsh isn't new to the Fed.

He served on its board of governors during the Great Recession and even had his hat in the ring for the job of chair back in 2017 when President Trump last nominated a chair to lead the central bank.

So to talk us through what his selection means now, we've got Rachel Siegel at The Washington Post and Catherine Rampell at MSNOW and The Bulwark.

Hey, you two.

Hi, Kimberly.

Rachel, I want to start with you.

Who is Kevin Warsh?

Kevin Warsh is a name that the Fed world has known before.

As you said, he was a Fed governor 20 years ago.

He's very well known within Wall Street.

He's known within Trump circles.

And he's also known as one of the people who's been under really serious consideration for Powell's successor.