Kevin Warsh is President Donald Trump’s pick to be the next chairman of the US Federal Reserve. He is expected to succeed the current Fed chief Jerome Powell in May this year. Powell has been at the receiving end of Trump’s wrath for several months, with repeated verbal attacks for not lowering interest rates as fast or by as much as the US President wants.The position of Federal Reserve chair ranks among the most influential jobs in the US government, carrying substantial sway over the direction of the world’s largest economy.

Kevin Warsh’s name had been doing the rounds, and Trump’s announcement therefore came as no surprise. In a post on social media platform Truth Social, Trump listed Warsh’s qualifications and reasons for picking him:“I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, and Lecturer at the Stanford Graduate School of Business. He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received his A.B. from Stanford University, and J.D. from Harvard Law School. He has conducted extensive research in the field of Economics and Finance. Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom. Parliament adopted the Report’s recommendations. Kevin Warsh became the youngest Fed Governor, ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve’s Representative to the Group of Twenty (G-20), and as the Board’s Emissary to the Emerging and Advanced Economies in Asia. In addition, he was Administrative Governor, managing and overseeing the Board’s operations, personnel, and financial performance. Prior to his appointment to the Board, from 2002 until 2006, Kevin served as Special Assistant to the President for Economic Policy, and Executive Secretary of the White House National Economic Council. Previously, Kevin was a member of the Mergers & Acquisitions Department at Morgan Stanley & Co., in New York, serving as Vice President and Executive Director. I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is “central casting,” and he will never let you down. Congratulations Kevin!”But, Warsh is not an obvious pick. He and Trump hold sharply different views on monetary policy. A former Federal Reserve governor, Warsh is widely seen as an inflation hawk and stepped down in 2011 after warning that the central bank was injecting excessive liquidity into the economy. He has long been associated with a “hard money” stance, favouring a strong dollar and a restrained balance sheet.Trump’s preferences have typically leaned the other way. But as noted economist Paul Krugman notes in his blog: “Warsh calls for tight money and opposes any attempt to boost the economy when Democrats hold the White House. Like all Trumpers, he has been all for lower interest rates since November 2024.”According to Fortune, in choosing Warsh, Trump may be wagering that someone who appears ideologically distant could prove more adaptable once in the role. Warsh also brings a background likely to appeal to the president: he began his career as a young Wall Street executive, later emerged as an independent-minded Fed governor, and has since been associated with several high-profile policy institutions. He also has family connections to Trump, adding another layer to the selection.Ironically, Kevin Warsh’s choice is being talked about by experts not just for what it means for the independence of the central bank of the world’s largest economy, but also for the billionaire family he is married into.

Who are Jane Lauder & Ronald Lauder?

Jane Lauder, Kevin Warsh’s wife, is the granddaughter of global cosmetics industry legend Estée Lauder. She is the daughter of billionaire Ronald Lauder, who is the sole heir to the The Estée Lauder Companies. According to Forbes, Jane Lauder has a net worth of $2.7 billion, making her among the world’s wealthy individuals.Jane Lauder has served as executive vice president and chief data officer at her family-run company. She began her career at Estée Lauder in 1996, shortly after completing her studies at Stanford University, and went on to oversee brands such as Clinique and Origins.The company, co-founded by her grandmother in 1946, has grown into a portfolio of more than 20 brands and has annual revenues of $15.6 billion, according to Forbes. Jane Lauder stepped away from her role as executive vice president in 2024, though she has been a member of the company’s board of directors since 2009.Jane Lauder’s father Ronald Lauder is incidentally the same person who has actively been encouraging Donald Trump to acquire Greenland!Ronald Lauder, has shared a long personal history with Donald Trump, dating back to their days as students at the University of Pennsylvania’s Wharton School. The relationship forged during their undergraduate years has endured, with Trump and Lauder remaining close associates and trusted advisers over time.Ronald Lauder is widely seen as the person who first encouraged Trump to consider the idea of acquiring Greenland in 2020 and has continued to counsel him on the matter since then. Earlier this month, The Guardian reported that Lauder has built commercial interests in Greenland.According to reports in Arctic-focused media, Lauder is part of an investor consortium known as Greenland Development Partners, which supports projects related to water, energy, and infrastructure in the region. He is also said to have put money into a small bottled water venture called Greenland Water Bank.