U.S. President Donald Trump has officially nominated Kevin Warsh to be the next Chair of the Federal Reserve, according to PANews. If confirmed by the Senate, Warsh will succeed the current Chair, Jerome Powell, for a four-year term. The White House announced on Wednesday that the nomination documents have been formally submitted to the Senate. The next step in the nomination process is a hearing by the Senate Banking Committee. However, Republican Senator Thom Tillis may block the nomination from proceeding due to Powell's involvement in a criminal investigation.