Warsh would replace current chair Jerome Powell when his term expires in May. Trump chose Powell to lead the Fed in 2017 but this year has relentlessly assailed him for not cutting interest rates quickly enough. More recently, however, in speeches and opinion columns, Warsh has voiced support for lower rates. The Fed’s rate decisions, over time, influence borrowing costs throughout the economy, including for mortgages, car loans and credit cards. Trump considered appointing Warsh as Fed chair during his first term, though ultimately he went with Powell.