Kevin Warsh Sworn In as Federal Reserve Chair at White House Ceremony

Kevin Warsh was sworn in as Federal Reserve chair on Friday at a White House ceremony hosted by President Trump. Supreme Court Justice Clarence Thomas administered the oath. Warsh said the Fed's mandate is to promote price stability and maximum employment.

Trump told Warsh to be totally independent and to do a great job without looking to the White House for direction. He said he wants the economy to boom and noted that the stock market rose on the day of the ceremony. Warsh promised to lead a reform-oriented Federal Reserve that escapes static frameworks and upholds clear standards of integrity and performance.

He said the coming years can bring unmatched prosperity that will raise living standards for Americans from all walks of life.

Trump had criticized Warsh's predecessor Jerome Powell for not lowering interest rates. 75% in April amid concerns over inflation linked to the war with Iran. Warsh has said productivity gains from artificial intelligence will help the economy grow without spurring inflation. Many Fed officials disagree that AI development will support rate cuts.

“I want Kevin to be totally independent.”

I want him to be independent and just do a great job. " — President Trump, May 22, 2026 (BBC News) Treasury Secretary Scott Bessent told reporters that Warsh will do the right thing for inflation and growth. Warsh is to serve a four-year term as chair and a 14-year term as a Fed governor.