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Kevin Wersh is President Donald Trump’s choice for the next chairman of the US Federal Reserve. He is expected to replace current Fed chief Jerome Powell in May this year. Powell has been on the receiving end of Trump’s wrath for several months, drawing repeated verbal attacks for not cutting interest rates as fast or as low as the US president wants.The position of Federal Reserve Chairman is one of the most influential jobs in the US government, wielding substantial influence over the direction of the world’s largest economy.
Kevin Wersh’s name had been in the news for quite some time and hence Trump’s announcement was not a surprise. In a post on the social media platform Truth Social, Trump listed Warsh’s qualifications and reasons for selecting him:“I am pleased to announce that I am nominating Kevin Warsh to be 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 a lecturer at the Stanford Graduate School of Business. He is a partner with Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received an AB from Stanford University and a JD from Harvard Law School. He has done extensive research in the fields of economics and finance. Kevin issued an independent report to the Bank of England proposing reforms to the conduct of monetary policy in the United Kingdom. Parliament adopted the report’s recommendations. Kevin Warsh became the youngest-ever Fed Governor at the age of 35, and served from 2006 to 2011 as a member of the Board of Governors of the Federal Reserve System, as the Federal Reserve’s representative to the Group of Twenty (G-20), and as the Board’s envoy to emerging and advanced economies in Asia. In addition, he was the Administrative Governor, managing and overseeing the operations, personnel and financial performance of the Board. Prior to his appointment to the Board, from 2002 to 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 and Acquisitions department at Morgan Stanley & Co. in New York, serving as Vice President and Executive Director. I have known Kevin for a long time, and have no doubt that he will go down as one of the great Fed chairmen, perhaps the best. Apart from everything else, he is “Central Casting” and he will never let you down. Congratulations Kevin!”But, Warsh is not an obvious choice. He and Trump have completely different views on monetary policy. A former Federal Reserve governor, Warsh is widely seen as an inflation hawk and left office in 2011 after warning that the central bank was injecting too much liquidity into the economy. He has long been associated with a “hard money” stance, favoring a strong dollar and restrained balance sheet.Trump’s priorities generally lean the other way. But as noted economist Paul Krugman writes in his blog: “Warshaw demands tight money and opposes any efforts to boost the economy when Democrats take over the White House. Like all Trumpers, he favors low interest rates through November 2024.”According to Fortune, in choosing Warsh, Trump may be betting that someone who appears ideologically distant might 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 ties to Trump, which adds another layer to the selection.The irony is that experts are discussing Kevin Wersh’s choice not only for the independence of the central bank of the world’s largest economy, but also for the billionaire family into which he is married.
Who is it jane lauder & Ronald Lauder ?
Jane Lauder, Kevin Worsh’s wife, is the granddaughter of global cosmetics industry giant Estée Lauder. She is the daughter of billionaire Ronald Lauder, sole heir to The Estée Lauder Companies. According to Forbes, Jane Lauder has a net worth of $2.7 billion, making her one of the richest people in the world.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, overseeing brands such as Clinique and Origins.The company, co-founded by his grandmother in 1946, has grown to a portfolio of more than 20 brands and has annual revenues of $15.6 billion, according to Forbes. Jane Lauder stepped down from her role as executive vice president in 2024, although she has been a member of the company’s board of directors since 2009.Jane Lauder’s father Ronald Lauder is coincidentally the same person who has been actively encouraging Donald Trump to acquire Greenland!Ronald Lauder shares a long personal history with Donald Trump, dating back to their days as students at the Wharton School of the University of Pennsylvania. The relationships formed during their undergraduate years endured, with Trump and Lauder becoming close associates and trusted advisors over time.Ronald Lauder is widely seen as the person who first encouraged Trump to consider the idea of annexing Greenland in 2020 and has continued to advise him on the matter since then. Earlier this month, The Guardian reported that Lauder had built up business interests in Greenland.According to reports from Arctic-focused media, Lauder is part of an investor consortium known as Greenland Development Partners, which supports water, energy and infrastructure-related projects in the region. He is also said to have invested money in a small bottled water venture called Greenland Water Bank.
