U.S. President Donald Trump today nominated former Federal Reserve Governor Kevin Warsh as his preferred successor to current Federal Reserve Chair Jerome Powell. President Trump announced the nomination in a post on his social media platform, Truth Social, that he is nominating Kevin Warsh to serve as Chairman of the Board of Governors of the Federal Reserve System. In his post, Trump backed Warsh, saying he believes Warsh would go down as one of the great Fed chairmen.

The announcement comes days after the Federal Reserve voted to hold interest rates steady, with Chair Jerome Powell defending the importance of the central bank’s independence. Trump has repeatedly criticised Powell for not cutting interest rates quickly enough.