In recent days, US President Donald Trump has continuously shown dissatisfaction with the President of the US Federal Reserve (Fed) Jerome Powell. The main reason is that this agency has not lowered the desired interest rate. Last year, the Fed reduced interest 3 times and stopped from the beginning of this year, to monitor more inflation situation.

This week, Finance Minister Scott Bessent said aboveBloombergThat the government will start interviewing candidates to replace Powell “in the fall”. Analysts believe that the leading candidate to replace Powell is Kevin Warsh, former Fed Governor.

Warsh was considered as the Finance Minister in the second term of Trump and also the candidate for the Fed chairman in the first term. The fact that Trump chose Scott Bessent as the Finance Minister was considered to pave the way for the later Warsh nomination.

Kevin Warsh is 55 years old. He used to be the vice president and director in charge of the merger and merger (M&A) at Morgan Stanley. After that, he was a special assistant to President George W. Bush on economic policy and acted as a secretary at the National Economic Council.

Like Powell, Warsh has no postgraduate degree in economics. He graduated from Harvard Law School in 1995, studied economics and statistics at Stanford University.

President Bush appointed Warsh into the Fed Governor in 2006. He held this position during the peak of the financial crisis, playing the role of a bridge between Fed and Wall Street.

In that role, he helped coordinate the seller Bank Bear Stearns to Jpmorgan Chase. However, he also let Lehman Brothers collapse in 2008 – a shocking point of global financial markets. Warsh left the Fed in 2011 after publicizing the plan to buy $ 600 billion of bonds to pump more money into the economy.

Currently, Warsh is an economist at the Hoover Institute – a policy consultancy organization. He also participated in visiting at the University of Stanford University. In addition, he is also a member of the advisory council of the National Assembly Budget Office (CBO). Warsh married billionaire Jane Lauder – granddaughter of Estée Lauder – founder of Cosmetic Empire Estée Lauder.

Recently, Warsh advised Mr. Trump’s power to transfer economic policy after re -election. In an article posted aboveWall Street JournalIn January, he and Trump criticized Fed for increasing inflation during and after the pandemic.

Warsh said that high inflation over the past few years is the result of “the government spending excessively and the central bank prints too much money”. However, the majority of economists believe that the abuse flared in 2021 was mainly due to the shocks of supply and demand.

Warsh also wrote that “Fed should stay away from political forecasts, not only in words but also in action”. He referred to the minutes of a Fed meeting last year, showing that officials believed that the economic policy Trump proposed to blow inflation.

In an interview withFox BusinessBefore the Fed’s recent policy meeting, Warsh said that Trump’s import tax instability showed that the US economy was “in the process of moving”.

“Mr. Trump inherited a messy, economical and management, and it takes some time to create a stronger foundation for growth. Rome cannot be built in a day,” he said.

When asked if the import tax could increase inflation, Warsh answered that “inflation is a choice, and the Fed has made many bad options over the years.” He said that the US president had to handle this on his own and controlled inflation by reducing government spending.

On April 17, the US President wrote on the Truth Social social network that Powell was “too slow and wrong”, and complained “the termination of the term is not fast enough”. During an event at the White House on the same day, he announced it could cause Powell to leave the position “very quickly”. On April 18, the US president continued to criticize the Fed has not reduced interest rates. White House Economic Adviser Kevin Hassett said his team was studying the possibility of causing Powell to leave the Chairman of the Fed.

Although many experts believe that the US president does not have the right to dismiss the Fed President just because of the policy difference, Trump has long been ready to break the standards and precedent. The term of Mr. Powell will end in May 2026 and the Fed President still confirms not to resign according to the president’s wishes.