According to sources familiar with the matter, President-elect Donald Trump has reportedly considered appointing financier Kevin Warsh as his Treasury secretary with the assumption that he could subsequently be nominated to head the Federal Reserve upon the conclusion of Jerome Powell’s term as chair in 2026.
During a meeting on Wednesday at Mar-a-Lago, the president-elect’s private club in Florida, Trump and Warsh discussed the prospective arrangement, according to some of the individuals.
Warsh is the leading candidate to oversee the Treasury Department; however, Trump had not yet determined his choice for the critical cabinet position as of Thursday evening.
According to individuals with knowledge of the situation, Trump is currently contemplating his approach to the Federal Reserve vacancy and is expected to reach a definitive decision closer to the conclusion of Powell’s term as chair in May 2026.
Some sources have now stated that Trump is contemplating the appointment of Scott Bessent, an investor, to serve as the head of the National Economic Council.
The intention is to nominate him for the position of Treasury secretary later in his tenure if Warsh is elected Chair of the Federal Reserve.
However, Trump’s advisers warn that he is susceptible to altering his position on the matter.
🚨** TREASURY UPDATE: WARSH IS BACK TOP PICK FOR TREASURY – THEN FED CHAIR** ‼️
Trump has floated a plan to pick Kevin Warsh as Treasury, with the understanding that he would later replace Jerome Powell when his term ends in 2026.
Scott Bessent would take NEC, with an option of… pic.twitter.com/yVkS9mBC26
— Lenka Houskova White (@white_lenka) November 22, 2024
Trump has the option of declining to select Warsh or Bessent for these positions and instead appointing one of the other top contenders to lead Treasury, such as Apollo Global Management Chief Executive Marc Rowan.
For days, Trump has reportedly been privately contemplating his selection for the position of Treasury secretary.
Requests for comment were not responded to by representatives of Bessent and Warsh.
According to an individual who is acquainted with the situation, Trump inquired about Warsh’s prior stance on tariffs during the Wednesday meeting. Warsh has been an opponent of protectionist trade policies.
Trump considered Warsh as one of the candidates to manage the Federal Reserve during his first term.
Instead, Trump selected Powell, who he later came to dislike after the central bank increased interest rates. Warsh has been long considered a probable candidate to replace Powell, and some of Trump’s economic advisers have previously encouraged him to select him for the position.
In 1995, Warsh, who is a lawyer by profession, commenced his career in investment banking at Morgan Stanley.
Subsequently, in 2002, he was appointed as an economic adviser to the George W. Bush administration. He was appointed as a governor of the Federal Reserve in 2006.
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