00:00U.S. President Donald Trump has nominated former Fed Governor Kevin Walsh as the new chair of the Federal Reserve.
00:07Walsh will replace Jerome Powell, whose term as Fed chair expires in May.
00:12Walsh had served on the Fed's Board of Governors from 2006 to 2011, and has previously advised Trump on economic policy.
00:20He is seen as more open to lower interest rates, but is also viewed as one of the more cautious and less radical options under Trump's consideration.
00:30The appointment comes at a time of heightened tensions between the Fed and the White House.
00:35Earlier this month, Powell said federal prosecutors had opened a criminal investigation into comments he made about renovations to the Fed's headquarters,
00:43an inquiry he described as politically motivated.
00:46Trump has repeatedly criticised Jerome Powell over the past year, saying he has moved too slowly to cut interest rates.
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