March 4 (UPI) -- The White House announced Wednesday that it had officially nominated Kevin Warsh to be chair of the Federal Reserve to replace Jerome Powell at the end of his term.
If the Senate confirms the nomination, Warsh will serve four years in the position. He was also nominated to the Fed's Board of Governors for a 14-year term that started Feb. 1.
President Donald Trump announced the choice on Jan. 30 but didn't make it official until Wednesday.
Powell's term as chair ends in May, but he has two more years as a Fed governor. Usually, chairs resign their governor terms after their chair term ends. But it's unknown if he will.
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