President Donald Trump on Wednesday formally nominated Kevin Warsh to serve as chair of the Federal Reserve Board, positioning him to replace current Fed Chair Jerome Powell.

Nomination details

Trump submitted Warsh’s nomination for the top job alongside a separate nomination for Warsh to serve a 14-year term as a member of the Fed’s Board of Governors.

The Fed is overseen by seven governors who each serve 14-year terms.

The chair, vice chair, and vice chair for supervision are selected from among the governors for four-year terms.

Warsh’s background

Warsh previously served as a Fed governor from 2006 to 2011, and was the youngest governor in the central bank’s history.

A former Morgan Stanley banker, he acted as the Fed board’s liaison to Wall Street during the 2007-08 financial crisis.

He also served as an economic adviser to former President George W. Bush.

Senate path and Powell timeline

Warsh has been viewed as a frontrunner since Trump’s election, and the GOP-controlled Senate was expected to have the votes to confirm him with a simple majority.

However, Republican Sens. Thom Tillis of North Carolina and Lisa Murkowski of Alaska have said they will oppose Warsh until the Justice Department resolves its probe into Powell and the Fed’s handling of renovations at its Washington, D.C., headquarters.

Tillis, who is retiring, could also use his seat on the Senate Banking Committee to slow the nomination process.

Powell’s term as chair ends in May, and Fed officials have already voted to allow him to serve as acting chair of the board until Warsh is confirmed if needed.

Trump’s earlier praise

Trump said in January that he had “no doubt” Warsh would be remembered as one of the best Fed chairs.

Trump said at the time:

“I have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best.”