The White House expressed confidence Thursday that Kevin Warsh's nomination to lead the Federal Reserve remains on schedule for confirmation, with the nominee expected to assume the role in May.

National Economic Council Director Kevin Hassett told Fox Business Network that President Trump's selection of Warsh is "absolutely" on track for Senate confirmation. Hassett described Warsh as a "top-tier candidate" for the Federal Reserve chair position.

Warsh, who previously served on the Federal Reserve Board of Governors from 2006 to 2011, would replace current Chair Jerome Powell if confirmed by the Senate. The nomination comes as the central bank continues to navigate economic challenges and monetary policy decisions.

Hassett acknowledged current economic difficulties during his remarks but maintained optimism about the confirmation timeline. The Senate Banking Committee would need to hold hearings and vote on the nomination before it advances to the full Senate for a final confirmation vote.

The Federal Reserve chair serves a four-year term and plays a crucial role in setting monetary policy and overseeing the nation's banking system. If confirmed in May, Warsh would take over leadership of the central bank during a period of ongoing economic uncertainty.