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"Warsh showed his true colors during the 2008 global financial crisis, helping bail out big banks while millions of families lost their jobs and homes," said one critic.
Kevin Warsh, a former Federal Reserve governor, evidently "passed the loyalty test" put forward by President Donald Trump, said US Sen. Elizabeth Warren on Friday after Warsh was named the president's nominee to lead the central bank.
Trump selected Warsh amid his longtime push for the Federal Reserve to aggressively cut interest rates as the labor market remains weak and inflation is persistently high.
During his time at the Fed from 2006-11, Warsh was seen as a monetary policy hawk, opposing policies aimed at stimulating the economy.
But in recent weeks, as Trump has considered several potential successors to Federal Reserve Chair Jerome Powell, whose term is up in May, the president has indicated that Warsh has changed his views on lowering borrowing costs to match those of the White House.
"He thinks you have to lower interest rates," Trump said in December.
Warsh called for “regime change in the conduct of policy" at the central bank last year as the president was considering him as well as longtime economic adviser Kevin Hassett, Fed Gov. Christopher Waller, and BlackRock executive Rick Rieder.
With families across the US struggling to afford the rising cost of groceries, electricity, and other essentials, the progressive advocacy group Groundwork Collaborative emphasized that Trump selected a nominee "with a record of siding with financiers over workers."
Warsh played a key role in coordinating the Fed's response to the 2008 financial crisis, arranging the bailout of the insurance giant American International Group and brokering the sale of Bear Stearns to JPMorgan Chase.
"Warsh showed his true colors during the 2008 global financial crisis, helping bail out big banks while millions of families lost their jobs and homes," said Alex Jacquez, chief of policy and advocacy at Groundwork. “Kevin Warsh is a disastrous choice to oversee monetary policy.”
Now that Warsh appears to have changed his views on interest rates to match Trump's, his nomination "is the latest step in Trump’s plan to ensure the Fed does what he tells it to, not what’s best for American families," said Jacquez, a former Obama administration official.
"Trump chose Kevin Warsh for Fed chair because his father-in-law is a billionaire donor, the brains behind Trump’s idiotic scheme to invade Greenland. He also chose him because Warsh has shown willingness to wildly alter his views on monetary policy based on who is in the White House."
The nomination was announced weeks after Powell issued a stinging rebuke to Trump's Department of Justice following the news that the DOJ was threatening him with criminal charges over his testimony regarding renovations at the Federal Reserve building—charges that Powell said were a pretext for punishing him over his refusal to bend to Trump's demand for lowered interest rates.
Trump has also tried to fire Lisa Cook, a member of the Fed's board of governors. The Supreme Court heard arguments this month in the case regarding the attempted dismissal, and appeared skeptical that it could legally move forward.
This week, the Fed opted to hold interest rates at 3.5-3.75%, above the 1% level Trump has called for.
Warsh is currently a senior fellow at the conservative Hoover Institution at Stanford University and works with billionaire investor Stanley Druckenmiller.
After the DOJ launched its criminal probe into Powell this month, Sen. Thom Tillis (R-NC) said he would not support any nominee to succeed the chairman until the DOJ's investigation was resolved.
Warren (D-Mass.) said Friday that "no Republican purporting to care about Fed independence should agree to move forward with this nomination until Trump drops his witch hunts" that have targeted Powell and Cook.
Rep. Don Beyer (D-Va.) also pointed out that the selection of Warsh could be Trump's latest move in his push for US control of Greenland. Warsh is married to Jane Lauder, a daughter of longtime Trump friend and Estée Lauder Companies heir Ronald Lauder, who first proposed that the vast, strategically located Arctic island should belong to the US instead of the kingdom of Denmark.
"Trump chose Kevin Warsh for Fed chair because his father-in-law is a billionaire donor, the brains behind Trump’s idiotic scheme to invade Greenland," Beyer said. "He also chose him because Warsh has shown willingness to wildly alter his views on monetary policy based on who is in the White House."
"The Senate should note these bad qualifications and remember Warsh’s awful track record at the Fed during the 2008 financial crisis and Great Recession," the congressman added. "These concerns along with Trump’s attacks on the Fed mean this nominee must face hard questions about independence and monetary policy. Warsh can’t just get a rubber stamp."
President Donald Trump has nominated Kevin Warsh to succeed Jerome Powell as Federal Reserve chair.
In response, Revolving Door Project Executive Director Jeff Hauser released the following statement:
“Kevin Warsh is a partisan opportunist whose stance on monetary policy would likely align with Donald Trump’s specific demands. It would be a monumental mistake to presume Warsh’s current support for lower interest rates reflects a true commitment to the Fed’s full employment mandate. Further, Warsh is like Trump, a zealot for financial deregulation—and it is critical to note that financial regulation is a key, yet often underrated, responsibility of the central bank. Warsh’s record suggests commitment to class and personal self-interest, not a broader dedication to an intellectually consistent view of the public interest.
“Indeed, Warsh embodies the corrupt self-dealing that defines the Trump administration. He is married to the daughter of Ronald Lauder, a billionaire heir to cosmetics tycoon Estée Lauder and longtime friend of Trump. In fact, Lauder is credited with convincing Trump in 2018 that he should ‘buy’ Greenland. As Trump ratcheted up his threats to forcefully seize Greenland, Lauder acquired business interests throughout the Danish territory. Lauder stands to benefit from the annexation of Greenland and is also part of a consortium seeking to exploit lithium deposits in war-torn Ukraine.
“A realistic conversation around this appointment would thus center financial regulation while highlighting concerns that cronyism may explain the selection more than either Warsh’s purported merit or supposed ideology.”
As the world's largest economy, the US provided nearly a quarter of the UN's funding. That is, until earlier this month, when Trump stripped hundreds of millions of dollars from dozens of treaties.
Weeks after President Donald Trump withdrew the US from dozens of United Nations organizations, the UN's chief warns that the UN is at risk of an "imminent financial collapse."
"The crisis is deepening, threatening program delivery and risking financial collapse. And the situation will deteriorate further in the near future," UN Secretary-General António Guterres wrote in a letter to ambassadors dated January 28, according to a Friday report from Reuters.
While he did not reference the United States explicitly, Guterres called out the fact that "decisions not to honor assessed contributions that finance a significant share of the approved regular budget have now been formally announced," which almost certainly referenced Trump's pullout from at least 66 international treaties earlier this month, including 31 within the UN system.
With the stroke of a pen, Trump reneged on the US commitment to the UN Framework Convention on Climate Change, which it has been part of for more than 30 years. He also took the US out of the UN International Law Commission, the UN Democracy Fund, UN Oceans, UN Women, and dozens of other global bodies, deeming them "contrary to the interests of the United States."
As the world's largest economy, the US was the largest source of funding for the UN, providing 22% of its regular and peacekeeping budgets as of 2025—about $820 million per year.
The largest single financial cut as a result of the US pullout was the termination of dozens of grants worth approximately $377 million for the UN Population Fund, which focuses on family planning and preventing maternal mortality and sexual violence in developing nations. The organization is estimated to have prevented 39,000 maternal deaths and 18 million unwanted pregnancies in 2024, according to an annual report.
Warning that cash could run out by July, Guterres said, “Either all member states honor their obligations to pay in full and on time–or member states must fundamentally overhaul our financial rules to prevent an imminent financial collapse."
"It is time for us to all stand up together in a nationwide shutdown and say enough is enough!"
Communities across the United States are protesting Immigration and Customs Enforcement and showing solidarity with its victims on Friday and into the weekend with small business closures, school walkouts, rallies, and other expressions of dissent as President Donald Trump's army of masked goons continues to terrorize American cities.
A map and schedule of actions nationwide—spurred by the killings of Alex Pretti and Renee Good, the detention of young children, and other horrors—can be viewed here.
Many of Friday's actions were organized by student groups in Minnesota—a flashpoint of Trump's assault on immigrant families and those protesting ICE abuses—and backed by organizations across the country, from the North Carolina Poor People's Campaign to the Boston Education Justice Alliance.
"The people of the Twin Cities have shown the way for the whole country—to stop ICE’s reign of terror, we need to SHUT IT DOWN," organizers said. "On Friday, January 30, join a nationwide day of no school, no work, and no shopping."
"The entire country is shocked and outraged at the brutal killings of Alex Pretti, Renee Good, Silverio Villegas González, and Keith Porter Jr. by federal agents," they continued. "Every day, ICE, Border Patrol, and other enforcers of Trump’s racist agenda are going into our communities to kidnap our neighbors and sow fear. It is time for us to all stand up together in a nationwide shutdown and say enough is enough!"
High school students are among those set to participate in Friday's mass demonstrations. The Sacramento Bee reported that students "planning a district-wide walkout Friday morning, joining a nationwide student effort to protest immigration enforcement following fatal shootings in Minneapolis."
"This is a peaceful walkout demonstration to show that the students in California’s capital do not stand with ICE,” Michael Heffron, a student organizer, told the local newspaper. “It’s also to show solidarity to those in Minnesota—the protesters who have been killed, those who have been injured for standing up for their own civil rights.”
Additionally, hundreds of businesses nationwide, including in Maine and Minnesota, are closing their doors Friday—or donating their proceeds for the day to groups that support immigrant communities—as part of the protest against ICE as federal agents continue their lawless rampage.
Speaking to reporters on Thursday, Trump said he is "not at all" pulling back ICE activities in Minnesota, even after the killings of Renee Good and Alex Pretti.
Friday's actions come amid a high-stakes fight over ICE reforms on Capitol Hill. On Thursday, Senate Democrats blocked an appropriations bill that included $10 billion for ICE, and the Democratic leadership reached a deal with the Trump White House to extend Department of Homeland Security funding at current levels—with no reforms—for two weeks while negotiations move forward.
Britt Jacovich, a spokesperson for MoveOn Civic Action, condemned the agreement, saying in a statement that "Leader Schumer should ask the Minnesotans who are watching their neighbors get killed in cold blood if a deal with no plan to stop ICE is enough right now.”
Friday's protests will be followed by more demonstrations on Saturday under the banner, "ICE Out of Everywhere."
“We are responding to people’s outrage. We’ve seen the Overton window shifting,” said Gloriann Sahay, a national coordinator with 50501, which organized Saturday's actions. “We’re seeing people from typically non-political spectrums get involved in this conversation and say: ‘This doesn’t feel like America.’”