President Donald Trump on Friday announced he will nominate Kevin Warsh to be the next chair of the Federal Reserve.

“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump wrote on Truth Social. “On top of everything else, he is ‘central casting,’ and he will never let you down. Congratulations Kevin!”

Current chief Jerome Powell’s term ends in May.

Warsh, a former Fed governor, was widely expected to get the nomination. He was on Trump’s short list along with three other candidates, National Economic Council Director Kevin Hassett, Fed governor Christopher Waller and BlackRock senior executive Rick Rieder.

Trump had previously considered Warsh for the position of treasury secretary and also mulled naming him Fed chair during his first term before picking Powell.

Warsh was nominated to the Fed’s board by former President George W. Bush in 2006, making history as the youngest person to serve in the role. He has a bachelor’s degree in public policy from Stanford and a law degree from Harvard University.

While Warsh has previously been critical of tariffs, one of Trump’s signature economic tools, he has defended the president’s use of them, claiming they wouldn’t cause rampant inflation.

Additionally, in a 2010 speech, he spoke about the Fed’s “hard-earned credibility” and said it required “fierce independence from the whims of Washington and the wants of Wall Street.” He has not called out Trump’s attack on the U.S. central bank.

“The president’s right to be frustrated with Jay Powell and the Federal Reserve,” he told Fox News in July.

Trump’s announcement comes as his administration has mounted an unprecedented pressure campaign against Powell over the Fed’s resistance to cede to Trump’s demands for aggressive interest rate cuts.

The U.S. central bank left its key rate unchanged Wednesday, prompting the president to brand Powell a “moron.”

“He is hurting our Country, and its National Security. We should have a substantially lower rate now that even this moron admits inflation is no longer a problem or threat,” the president said of Powell.

This is a developing story. Please check back for updates.