New Delhi, Jan. 30 -- United States President Donald Trump, on Friday, 30 January 2026, nominated his longtime ally and former Federal Reserve governor, Kevin Warsh, to succeed Chairman Jerome Powell as the next Chairman of the US central bank amid the federal administration's plea to cut the interest rates of the economy.

"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," said President Trump in his Truth Social announcement.

Kevin Warsh's nomination needs to be approved by the US Senate before he takes over the role of the Federal Reserve Chairman from Jerome Powell in the near future.

Trump's nomination to replace Powell with Warsh comes at a time w...