Today, President Trump announced that Kevin Warsh will be his pick for Chair of the Federal Reserve when current Chair Jay Powell’s term concludes in May. While Trump claims to feel the economic pain of working families, he appointed a Wall Street favorite with a record of siding with financiers over workers to lead the Federal Reserve.
Groundwork Collaborative’s Chief of Policy and Advocacy, Alex Jacquez, shared his reaction to the announcement:
“Appointing Kevin Warsh as Chair of the Federal Reserve is the latest step in Trump’s plan to ensure the Fed does what he tells it to, not what’s best for American families. Warsh spent his career advocating for higher interest rates, only to change his tune to audition for Trump.
“Warsh showed his true colors during the 2008 Global Financial Crisis, helping bail out big banks while millions of families lost their jobs and homes.
“Kevin Warsh is a disastrous choice to oversee monetary policy.”