President Donald Trump on Wednesday formally nominated Kevin Warsh to succeed Jerome Powell as chairman of the Federal Reserve, CNBC reported.

Trump has long criticized Powell over his hesitance to lower interest rates and the Department of Justice has initiated a criminal probe over his handling of a renovation of the Fed building in D.C.

Powell's term as Fed Chair is set to end in May, though his term as a member of the Board of Governors does not end until 2028.

Sen. Thom Tillis, R-N.C., has vowed to block his confirmation unless the DOJ ends the probe into Powell.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.