Kevin Warsh sworn in as New Fed Chair!
Warsh replaces Jerome Powell
Washington, May 22 (EFE).-
President Donald Trump presided on Friday over the swearing-in ceremony for his nominee Kevin Warsh as the new chair of the Federal Reserve at the White House.
“No one in America is better prepared to lead the Federal Reserve than Kevin Warsh,” said Trump, who, since returning to power in Jan 2025, publicly pressured outgoing Fed Chair Jerome Powell, demanding a more aggressive cut in interest rates.
According to Trump, Warsh “will restore confidence in the Fed.”
“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,” the president declared, amid criticism from Democrats over the new Fed leader’s close ties to the president.
Trump insisted that the other members of the Board of Governors, on which Powell will remain until 2027, will make their own decisions, although he considered the board could listen to Warsh because they respect him.
During the ceremony, attended by members of the administration, Republican Party figures, and business leaders, the US president also promised Warsh the “full support of his administration.”
The 56-year-old economist was sworn in before Supreme Court Justice Clarence Thomas, a conservative and a “dear friend” of Warsh’s, as he described him in his brief speech after taking office.
The scale of Friday’s event is highly unusual, as most new Fed chairmen have been sworn in during low-key ceremonies at the central bank’s headquarters.
Although there have been some exceptions, such as Alan Greenspan, who was sworn in in 1987 in the East Room of the White House under the watchful eye of Ronald Reagan.
Warsh replaces Powell, who stepped down last week after being at the head of the Fed since 2018, when he was nominated by Trump during his first term (2017-2021).
His rapport with Powell was short-lived, as the Republican began demanding more monetary easing from the Fed.
After Trump’s return to power in January 2025, the campaign against the former Fed chair became even more aggressive, to the point that the Department of Justice launched a criminal investigation into Powell over alleged irregularities in the handling of funds for the renovation of the Federal Reserve headquarters. EFE ygg-asb/mcd
