The appointment of Kevin Warsh as the new chair of the U.S. Federal Reserve marks a major shift in the relationship between the White House and the central bank, placing President Donald Trump firmly at the center of the country’s economic direction, according to a report by Reuters.
For years, former Fed Chair Jerome Powell served as a convenient target for criticism from Trump, who frequently blamed the central bank for elevated borrowing costs, sluggish economic momentum, and restrictive monetary policy. Trump often argued that Powell was not his preferred choice during his first term and pointed to advisers from his earlier administration for recommending him.
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