Yes, we've got Trump's pick for the new Fed chair, but there was also a Fed meeting this week.

And who really pays the cost of a snow day?

From American public media, this is Marketplace.

In Washington, I'm Kimberly Adams in for Kai Rizdal. It's Friday, January 30th. Good to have you along.

As you've probably heard by now, this morning, President Trump announced plans to nominate Kevin Warsh as the next chair of the Federal Reserve. As a reminder,

Chair Jerome Powell's term as chair is up in May, although he could choose to stay on the board

until the end of 2028. Warsh isn't new to the Fed. He served on its board of governors during the

Great Recession and even had his hat in the ring for the job of chair back in 2017 when President Trump last nominated

a chair to lead the central bank. So to talk us through what his selection means now, we've got

Rachel Siegel at The Washington Post and Catherine Rampel at MS Now and the Bullwork. Hey, you two.

Hi, thank you, really. Rachel, I want to start with you. Who is Kevin Warsh?

Kevin Warsh is a name that the Fed world has known before. As you said, he was a Fed governor 20 years ago. He's very well known within Wall Street. He's known within Trump circles. And he's also known as one of the people who's been under really serious consideration

for Powell's successor. We also know that he's been a critic of the Fed in the past, including

some of the things that he says has made the central bank more political than it needs to be,

things that the central bank has done to miss the mark on inflation.

But now we're looking at him in the context of being the next Fed share.

And one, you know, presumably taking over that job if he's confirmed at a moment where he's

really going to be tested about the ability to be independent, keep politics out of monetary policy, and do so in a way that

will exist in the same universe as the policies that are coming out from the White House.

Catherine, talk a little bit more about some of those criticisms that Warsh has made over the

year about the Fed. What exactly is his argument?

His criticisms have varied somewhat over the years.

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