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FILE - Kevin Warsh speaks to the media about his report on transparency at the Bank of England, in London, Dec., 11, 2014. (AP Photo/Alastair Grant, Pool, File)

President Donald Trump says he'll nominate former Federal Reserve governor Kevin Warsh to be the next Fed chair. Friday's pick is likely to result in sharp changes to the powerful agency that could bring it closer to the White House and reduce its longtime independence from day-to-day politics. Warsh would replace Jerome Powell when his term expires in May. Trump chose Powell to lead the Fed in 2017 but recently has assailed him for not cutting interest rates quickly enough. Warsh's appointment requires Senate confirmation. Warsh was on the Fed’s board from 2006 to 2011. He's a fellow at the right-leaning Hoover Institution and a lecturer at the Stanford Graduate School of Business.

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FILE - Two polygamous towns on the Utah-Arizona border hold a public memorial for women and children swept away in a deadly flash flood. (AP Photo/Rick Bowmer, File)

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Aaron Jessop and his 4-year-old niece, Azure Jessop attend a Christmas tree lighting Thursday, Dec. 4, 2025, in Hildale, Utah. In this former haven for a polygamous religious sect on the Utah-Arizona line to do something that is common across the United States but had been forbidden here for decades: Lighting a public Christmas tree, (AP Photo/Rick Bowmer)

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Willie Jessop, the owner of Zions Most Wanted Hotel, and a former church spokesperson and security official for the Fundamentalist Church of Jesus Christ of Latter-Day Saints, speaks during an interview Friday, Dec. 5, 2025, in Hildale, Utah. (AP Photo/Rick Bowmer)