By bizn_fun 
Warsh also has close family connections to Trump’s orbit. He is married to Jane Lauder, whose family is known for the Estee Lauder cosmetics group. His father-in-law, billionaire businessman Ronald Lauder, is a long-time Trump donor and ally.
Warsh’s appointment still needs to be approved by the Senate, meaning it could face lengthy delays.
Republican Senator Thom Tillis, a member of the Senate Banking Committee, has said he will oppose Trump’s nominees until the potential legal case against Powell is resolved.
Warsh had been seen of one of four leading candidates for the Fed job. The other frontrunners were White House economic adviser Kevin Hassett, Fed governor Christopher Waller and Wall Street bond guru Rick Rieder.
When Warsh takes up his role, financial markets will keep a close eye on how independently he acts of President Trump.
Stephen Brown, deputy chief North America economist at Capital Economics, said Warsh “seems like a relatively safe choice”.
“Warsh’s long-running hawkish views should help to counteract concerns that he might morph into a full-blown Trump stooge,” he added.
As news of Warsh’s impending nomination started to leak out, the dollar strengthened slightly while the price of gold sank 6%.
Stuart Clark, portfolio manager at wealth management business Quilter, said investors would be “breathing somewhat of a sigh of relief” at Warsh’s nomination.
“Warsh was in contention for the job back in 2017 and as such comes to the role with a level of authority that is respected across the market,” he added.
“Concerns around Fed independence and an erosion on this should now be tempered, although Warsh’s words and actions will be scrutinised by market participants intensely.”