Kevin Warsh officially stepped into his new role as chairman of the Federal Reserve on Friday, following a ceremonious swearing-in held at the White House. This significant event marked the transfer of leadership from Jerome Powell to Warsh, placing him at the helm of the influential central bank.
The ceremony unfolded in the stately East Room, where President Donald Trump introduced Warsh to an audience that included Supreme Court justices, members of Congress, Cabinet officials, and prominent business leaders. The setting underscored the importance of the occasion, as well as the expectations surrounding Warsh’s new position.
Adding to the formality of the event, Supreme Court Justice Clarence Thomas administered the oath of office. Warsh, with a solemn commitment, placed his hand on a Bible held by his wife, signifying his readiness to embrace the responsibilities that come with his new role.
In his address, President Trump delivered a message that was both warm and pointed, emphasizing the need for the new Fed chair to exercise independence in his leadership. “Honestly, I really mean this, this is not said in any other way, I want Kevin to be totally independent,” Trump stated. “I want him to be independent and just do a great job. Don’t look at me, don’t look at anybody, just do your own thing and do a great job, OK?”
Trump concluded his remarks with high praise for Warsh, expressing confidence in his potential to lead the Federal Reserve into a historic era. The ceremony set the stage for Warsh’s tenure, highlighting both the responsibilities and the opportunities ahead as he takes on one of the most powerful economic positions in the world.
He went on to lavish praise on Warsh, predicting a historic tenure at the helm of the central bank.
The President said he believes Warsh ‘will go down as one of the truly great chairmen of the Federal Reserve that we’ve ever had,’ adding that he possesses ‘abilities that very few people have’ and is ‘respected by everybody.’
Attendees of the ceremony also included Justice Brett Kavanaugh, who was a young White House staffer alongside Warsh, the incoming Fed Chair said.
Kevin Warsh was sworn in as the new chairman of the Federal Reserve on Friday in a high-profile White House ceremony
The event took place in the grand East Room, with President Donald Trump introducing Warsh before an audience packed with Supreme Court justices, members of Congress, Cabinet officials and leading business figures
Trump has accused outgoing chair Jerome Powell of moving too slowly and too cautiously in easing monetary policy
Also spotted in the East Room: House Speaker Mike Johnson, former Vice President Dan Quayle, former Secretary of State Condoleezza Rice, Harold Ford Jr, former House Speaker Kevin McCarthy, former Virginia Governor Glenn Youngkin, Senators Tommy Tuberville and Dave McCormick, McCormick’s wife Dina Powell and Representative Elise Stefanik.
Kevin Hassett, the director of the National Economic Council – the other ‘Kevin’ who had been up for the job – was given a front row seat.
Trump has made no secret of his ambitions for the Federal Reserve, repeatedly urging the central bank over the past year to move aggressively to cut interest rates.
He has accused outgoing chair Powell of moving too slowly and too cautiously in easing monetary policy, arguing that faster cuts would help stimulate economic growth and reduce borrowing costs for households and businesses.
Trump’s criticism of Powell has often been blistering, at times breaking sharply with traditional presidential restraint. The president has described him as a ‘numbskull,’ a ‘stubborn mule’ and a ‘moron,’ and has even publicly suggested he could be removed from office.
The tense backdrop has been further complicated by allegations surrounding pressure on Powell.
He claimed the Justice Department opened a criminal investigation in an effort to intimidate him, an assertion denied by prosecutors but later acknowledged in part by a judge.
The inquiry was ultimately dropped last month, with responsibility handed to the Federal Reserve’s internal watchdog.
Powell has led the Fed since 2018, overseeing a turbulent period that included the economic shock of the COVID-19 pandemic and the sharp inflation surge that followed, one of the most challenging stretches for US monetary policy in decades.
