Business leaders celebrate Trump's Fed chair pick

Core Viewpoint - President Donald Trump has nominated Kevin Warsh to be the next chairman of the Federal Reserve, following a lengthy deliberation process, with the current chairman Jerome Powell's term set to expire in May 2022 [1]. Group 1: Kevin Warsh's Background - Warsh served as a member of the Fed's Board of Governors from 2006 to 2011 and was the youngest Fed governor in history [2]. - He has experience in the private sector at JPMorgan and served in President George W. Bush's administration prior to his first Fed appointment [2]. - Warsh has held roles at the Hoover Institution, Stanford's Graduate School of Business, and the board of UPS, and has been an economic adviser to the Congressional Budget Office [4]. Group 2: Industry Reactions - Bank of America CEO Brian Moynihan expressed confidence in Warsh's background and experience, wishing him well in the confirmation process [7]. - UPS CEO Carol Tomé highlighted Warsh's financial markets knowledge and crisis management expertise, celebrating his nomination [7]. - U.S. Chamber of Commerce CEO Suzanne Clark noted Warsh's focus on economic growth and stable prices, looking forward to his confirmation [8]. - Investment Company Institute CEO Eric Pan commended Warsh's experience in monetary policy and financial regulation, emphasizing his understanding of the Federal Reserve's dual mandate [8]. - American Bankers Association CEO Rob Nichols praised Warsh as an experienced policymaker with a deep understanding of monetary policy and the role of banks in the economy [11]. - Independent Community Bankers of America CEO Rebeca Romero Rainey congratulated Warsh, noting his understanding of community banks' role in the economy [12].