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. The Fed’s rate decisions, over time, influence borrowing costs throughout the economy, including for mortgages, car loans and credit cards. Once on the board, Trump could then elevate Warsh to the chair position when Powell’s term ends in May. If confirmed by the Senate, Warsh would face challenges in pushing interest rates much lower.