U.S. President Donald Trump has nominated Kevin Warsh to be the next Federal Reserve chair.

Trump announced the nomination on his social media platform on Friday, saying he believes that Warsh "will go down as one of the great Fed Chairmen, maybe the best.” 

The nomination comes with Jerome Powell’s term set to end in May and after Warsh has recently shifted his monetary policy views, moving from support for tighter policy to backing lower interest rates.

Warsh became the youngest Fed governor after being appointed in 2006 at the age of 35 and stayed with the Fed through March 2011. Between 2002 and 2006, Warsh served as special assistant to the president for economic policy and executive secretary of the National Economic Council. 

Since October 2019, Warsh has served on the board of directors of Coupang Inc., the U.S.-based parent company of South Korean e-commerce giant Coupang.

Fed board members are nominated by the president but must be approved by the Senate.