Kevin Warsh officially assumed the role of Federal Reserve chair during a White House ceremony that highlighted both President Donald Trump’s desire for stronger economic growth and an insistence on the central bank’s independence. The swearing-in took place in the East Room, an unusual venue underscoring Trump’s visible support for Warsh’s leadership.
Trump emphasized his expectation that Warsh would help boost the economy, contrasting him with former Fed Chair Jerome Powell, whom Trump repeatedly criticized for resisting interest rate cuts. By hosting the event at the White House rather than the Fed headquarters, Trump signaled the importance he placed on Warsh’s appointment amid rising inflation and market volatility sparked by geopolitical tensions, particularly the ongoing conflict with Iran.
Despite his call for economic stimulus, Trump stated that Warsh must act independently, urging him not to seek influence from the administration or any outside party. He acknowledged concerns about the Fed’s direction under the current administration but expressed confidence that Warsh would pursue policies fostering "positive economic growth" without necessarily triggering higher inflation.
Supreme Court Justice Clarence Thomas administered the oath of office. Attendees included high-profile figures such as House Speaker Mike Johnson, Justice Brett Kavanaugh, CIA Director John Ratcliffe, and members of the Cabinet, reflecting the event’s political significance. Trump predicted that Warsh would rank among the Federal Reserve’s most effective leaders.
Warsh’s predecessor Jerome Powell stepped down as chair but remains on the Fed board. The transition comes after Trump’s public frustrations with Powell over interest rate decisions and an investigation into Fed operations, which was eventually transferred from the Department of Justice to the Fed’s internal watchdog following backlash.
Historically, White House ceremonies for Fed chairs are rare but not unprecedented: President Ronald Reagan similarly swore in Alan Greenspan in 1987 at the White House, while President George W. Bush attended Ben Bernanke’s swearing-in at Fed headquarters in 2006. Trump’s choice to hold the event in the White House spotlights ongoing debates about the balance between the Federal Reserve’s independence and executive influence.