Trump formally nominates Kevin Warsh for Fed chair

President Trump formally nominated Kevin Warsh to be chair of the Federal Reserve Board on Wednesday, teeing up his replacement for Fed Chair Jerome Powell.

The president submitted Warsh’s nomination to serve as Fed chair, along with a separate nomination to serve a 14-year term on the Fed board.

The Fed is overseen by a board of seven members, or “governors,” each of whom his appointed to a term of 14 years. Three Fed governors are also nominated by the president to serve as chair, vice chair and vice chair of supervision of the board, each of which for a four-year term.

Warsh previously served as a Fed governor from 2006-11, becoming the youngest governor in the bank’s history. A former Morgan Stanley banker, Warsh served as the Fed board’s liason to Wall Street during the 2007-08 financial crisis. He also served........

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