According to ChainCatcher and reports from Jinshi, sources familiar with the matter revealed that President-elect Trump has proposed selecting financier Kevin Warsh to be his Secretary of the Treasury, but there is an understanding that when Jerome Powell's term as Federal Reserve chairman ends in 2026, Warsh may be nominated to lead the Federal Reserve.
According to some insiders, Trump discussed possible arrangements with Warsh at his private club Mar-a-Lago in Florida on Wednesday. Warsh is a leading candidate to head the Treasury Department, but as of Thursday evening, Trump has not yet decided who to choose for this key cabinet position. Those familiar with the matter said that Trump is still weighing how to handle the vacancy of the Federal Reserve chairman position, and a final decision may not come until Powell's term ends in May 2026.
Some people say that Trump is considering appointing investor Scott Bessent to lead the National Economic Council, and if Warsh becomes the chairman of the Federal Reserve, Bessent would be nominated for Secretary of the Treasury later in his term.
