The United States of America’s President, Donald Trump has selected former Federal Reserve Governor Kevin Warsh to succeed Jerome Powell as the head of the US central bank, effective May. Warsh, a vocal critic of the Fed, is expected to implement significant changes to monetary policy, aligning with Trump’s desire for greater control over interest rates.

Trump praised Warsh, saying he’s confident he’ll be one of the greatest Fed Chairmen, highlighting his expertise and reliability. The nomination has sparked mixed reactions, with global stocks rising, the dollar strengthening, and gold prices dropping. Warsh’s appointment requires Senate confirmation, which may be challenging given the divided Senate and opposition from Senator Thom Tillis, who vows to block nominees until the DOJ’s inquiry into Powell is resolved.

Some Republican senators support Warsh, citing his suitability to lead the Fed and refocus on its core mandate. Warsh’s nomination reflects Trump’s efforts to shape the Fed’s policies, raising concerns about central bank independence.