WASHINGTON — Kevin Warsh was sworn in as chairman of the Federal Reserve on Friday, taking command of the nation’s central bank at a moment of elevated inflation, volatile energy prices, and intensifying political scrutiny of the Fed’s independence.
Justice Clarence Thomas administered the oath of office to Warsh in the White House East Room before an audience that included Supreme Court justices, members of Congress, Cabinet members, and business leaders. Warsh took the oath on a Bible held by his wife.
Warsh, 56, becomes the 17th chair of the Federal Reserve after the Senate confirmed him on May 13 in a 54-45 vote, the most divisive confirmation in the institution’s history. Trump nominated him in January 2026.
In brief remarks after being sworn in, Warsh said he will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, escaping static frameworks and models, and upholding clear standards of integrity and performance. He reaffirmed the Fed’s dual mandate, saying that when the central bank pursues price stability and maximum employment with wisdom and clarity, inflation can be lower, growth stronger, real take-home pay higher, and America more prosperous.
President Trump, who introduced Warsh at the ceremony, told the crowd he wants the new chair to be totally independent. “Don’t look at me, don’t look at anybody, just do your own thing and do a great job,” Trump said.
Warsh steps into the four-year role at a time of mounting uncertainty over inflation, geopolitical conflicts, and volatile financial markets, alongside rising political pressure on the central bank’s independence. He told lawmakers during his confirmation hearings that he will never predetermine interest rates at the president’s request.
Warsh’s first Federal Open Market Committee meeting as chair is scheduled for June 16-17. Analysts expect the Fed to hold interest rates steady through the remainder of 2026 as rising prices and volatile energy costs fuel ongoing economic uncertainty.
Warsh first joined the Federal Reserve Board of Governors in 2006 as the youngest person ever appointed to that body, serving through the 2008 financial crisis before leaving the board in 2011. He subsequently became a partner at Duquesne Family Office and a visiting fellow in economics at Stanford University’s Hoover Institution. Former chair Jerome Powell, whose term expired last week, has indicated he intends to remain on the Board of Governors through January 2028.
By: Big Sky Broadcasting Newswire