Kimberly Adams

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.

We also know that he's been a critic of the Fed in the past, including some of the things that he says has made the central bank more political than it needs to be, things that the central bank has done to miss the mark on inflation.

But now we're looking at him in the context of being the next Fed chair and one presumably taking over that job if he's confirmed at a moment where he's really going to be tested about the ability to

be independent, keep politics out of monetary policy and do so in a way that will exist in the same universe as the policies that are coming out from the White House.

Katherine, talk a little bit more about some of those criticisms that Warsh has made over the year about the Fed.

What exactly is his argument?

His criticisms have varied somewhat over the years.