New Delhi, March 4 -- US President Donald Trump, on Wednesday (local time), officially nominated Kevin Warsh to be the next chairman of the Federal Reserve, CNBC reported.

If confirmed by the Senate, Warsh will replace current Fed chair Jerome Powell for a four-year term. In a statement posted online, the White House said that Trump's nomination was transmitted to the Senate. The nomination comes a month after Trump publicly announced that he wanted Warsh to be the next Federal Reserve chairman.

Meanwhile, Senator Thom Tillis of North Carolina has said he will block Warsh's confirmation in the Senate unless the U.S. Attorney's Office in Washington, D.C., drops its federal criminal investigation into Jerome Powell.

In his first term at ...