PANews reported on March 5th that, according to Cailian Press, US President Trump formally nominated Kevin Warsh to be the next Federal Reserve Chairman on Wednesday. If confirmed by the Senate, Warsh will succeed current Fed Chairman Jerome Powell for a four-year term. The White House released a statement online on Wednesday stating that the nomination documents have been formally submitted to the Senate. The next step in the nomination process is a hearing held by the Senate Banking Committee, but Republican Senator Tillis may block the nomination from proceeding to the review process due to the criminal investigation Powell is under.