Kevin Warsh
Jin Li | Bloomberg | Getty Images
President-elect Donald Trump is considering nominating Kevin Warsh to be Treasury secretary and eventually ousting him as chairman of the Federal Reserve, according to a report in the Wall Street Journal.
Warsh, himself a former Fed chief, is expected to move to the central bank in 2026, when current Fed Chairman Jerome Powell’s term ends, the newspaper reported, citing sources familiar with Trump’s thinking.
The speculation stems from the fact that the Treasury Department is the last major Cabinet post for which President Trump has not yet announced his intentions.
According to various reports, Warsh was selected as one of the finalists, along with Apollo Global Management CEO Mark Rowan and hedge fund manager Scott Bessent. One possible scenario is that Mr. Bessent initially leads the National Economic Council, and then takes up the Treasury Department after Mr. Warsh takes over at the Fed.
But President Trump, known for his tendency to change his mind, noted that nothing in the report had been finalized.
“President-elect Trump is deciding who will serve in his second administration,” Caroline Leavitt, Trump transition spokeswoman, said in a statement. “Those decisions will continue to be announced by him as soon as they are decided.”
Read the full Wall Street Journal article here.
