Trump Taps Former Fed Governor Kevin Warsh to Lead Central Bank

Warsh, 55, previously served on the Fed during the 2008 financial crisis and has ties to Wall Street power players.

Jan. 30, 2026 at 2:15pm

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President Trump has nominated former Federal Reserve governor Kevin Warsh to succeed Jerome Powell as chair of the central bank. Warsh, 55, previously served on the Fed during the 2008 financial crisis, using his Wall Street connections to help broker the sale of failing banks. However, he also advocated against a bailout of Lehman Brothers, arguing that protecting the firm would reinforce expectations of Wall Street bailouts.

Why it matters

Warsh's nomination signals a shift in the Fed's leadership, as Trump has grown increasingly critical of Powell's reluctance to slash interest rates. Warsh's past criticism of the Fed's aggressive use of unconventional monetary policy tools could also foreshadow a change in the central bank's approach under his potential leadership.

The details

After graduating from Stanford and Harvard Law, Warsh spent seven years at Morgan Stanley, eventually becoming vice president of the bank's mergers and acquisitions group. In 2002, he joined the George W. Bush White House as a senior economic policy aide and that same year, married Jane Lauder, the daughter of billionaire Estée Lauder heir Ronald Lauder, a longtime Republican donor and associate of Trump. Warsh was nominated to the Fed in 2006, becoming one of the youngest governors in the central bank's history at age 35. During the 2008 crisis, he used his Wall Street connections to help facilitate JPMorgan Chase's acquisition of Bear Stearns, but also argued against a Lehman Brothers bailout, believing it would reinforce expectations of Wall Street rescues.

  • Warsh was nominated to the Fed in 2006 at age 35.
  • Warsh served on the Fed during the 2008 financial crisis.
  • Warsh resigned from the Fed in March 2011, three years before his term was set to expire.

The players

Kevin Warsh

A 55-year-old former Federal Reserve governor who is President Trump's pick to succeed Jerome Powell as chair of the central bank. Warsh previously worked at Morgan Stanley and in the George W. Bush White House before joining the Fed during the 2008 financial crisis.

Jane Lauder

The daughter of billionaire Estée Lauder heir Ronald Lauder, a longtime Republican donor and associate of President Trump. Warsh married Jane Lauder in 2002.

Ronald Lauder

The billionaire Estée Lauder heir and longtime Republican donor who has had a decades-long relationship with President Trump.

Jerome Powell

The current chair of the Federal Reserve, whom President Trump is seeking to replace with Kevin Warsh.

Ben Bernanke

The former chair of the Federal Reserve during the 2008 financial crisis, with whom Warsh had a close working relationship.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.