President Donald Trump on Friday announced the nomination of Kevin Warsh to serve as the next chairman of the Federal Reserve following a lengthy deliberation process.

Warsh, who previously served as a member of the Fed’s Board of Governors from 2006 to 2011, was under consideration for the chairman role when Trump nominated Jerome Powell to the role in 2017. Powell was reappointed to a second term in 2022, which is set to expire in May.

Aside from his previous experience at the central bank, Warsh worked in the private sector at JPMorgan before serving in President George W. Bush’s administration prior to his first Fed appointment, which made him the youngest Fed governor in history. 

He has since served in roles at the Hoover Institution, Stanford’s Graduate School of Business and the board of UPS, while also serving on a panel of economic advisers to the Congressional Budget Office. 

Numerous business leaders and executives, as well as trade groups representing American companies issued statements congratulating Warsh on the nomination and discussing his suitability for the role. Here’s a look at what they had to say.

WHO IS KEVIN WARSH, TRUMP’S PICK TO SUCCEED JEROME POWELL AS FED CHAIR?

Bank of America CEO Brian Moynihan

“I have known Kevin for many years in his many capacities serving our country and his background and experience are suited to the role. I wish him well through the process ahead.” 

UPS CEO Carol Tomé

“Since joining the UPS Board more than 13 years ago, Kevin Warsh has served as a trusted advisor and colleague. His deep financial markets knowledge, global economic insight, crisis management expertise, and sound judgment have made him an invaluable member of our Board. On behalf of our more than 400,000 employees, we celebrate his nomination and willingness to serve our country in this key role.” 

LAWMAKERS REACT TO TRUMP NOMINATING KEVIN WARSH FOR FEDERAL RESERVE CHAIRMAN

U.S. Chamber of Commerce CEO Suzanne Clark

“Kevin is well known to the business community. We appreciate his years of focus on how we grow the economy and maintain stable prices for America’s families, and look forward to his confirmation process.”

Investment Company Institute (IC) CEO Eric Pan

“Warsh’s wealth of experience in monetary policy and financial regulation, along with his deep understanding of the Federal Reserve’s dual mandate, will serve him well in this position. His unique background as a former Federal Reserve Governor, twinned with his experience in global financial markets, means he has a firm foundation from which to step into this leadership role. We commend President Trump for this outstanding nomination and look forward to working with Warsh to support the millions of American investors we serve.” 

TRUMP’S FED PICK KEVIN WARSH FACES UNEXPECTED ROADBLOCK OVER ONGOING POWELL PROBE

American Bankers Association CEO Rob Nichols

“In selecting Warsh, President Trump has chosen an experienced and tested policymaker who previously served at the Fed during one of its most challenging moments. Having worked alongside him in the Bush administration, I know he has a deep understanding of monetary policy, markets and the important role the nation’s banks play in the economy. We look forward to learning more about his current policy views during the confirmation process, and ultimately seeing a smooth transition in Fed leadership.”

Independent Community Bankers of America CEO Rebeca Romero Rainey

“ICBA and the nation’s community banks congratulate Kevin Warsh on his nomination to serve as chairman of the Federal Reserve Board. As a previous member of the Fed board, Warsh has demonstrated a clear understanding of the important role of community banks in the nation’s economy and the need for tiered regulations to support access to banking services in local communities.”