Announcing former Fed Governor Kevin Warsh as nominee, concluding months-long process.

Warsh has been sharp critic of Fed and Powell, blaming them for pandemic inflation.

Warsh says balance sheet can be reduced significantly over time, allowing rates to be reduced further.

Warsh praised Trump's pro-growth policies and said Fed should abandon dogma that growth creates inflation.

Supported initial QE in financial crisis but broke with Bernanke over subsequent QE due to inflation concerns.

Argued QE encouraged Congress to spend, leading to massive deficits, and Fed is responsible.

Warsh believes independent monetary policy is essential but Fed should secure independence by reducing footprint in economy and political profile.

Wall Street wary Warsh would be less likely to rescue markets in crisis or withdraw support quickly - old school thinking.

Old school central banking: Fed should be provider of liquidity, banker of last resort, but not go further.