Kevin Warsh was sworn in Friday as chairman of the Federal Reserve, with President Donald Trump hailing him as a leader who can restore the central bank’s credibility and help drive a new era of American economic growth.
Speaking during a White House East Room ceremony televised live, Trump praised Warsh as “one of the truly great chairmen of the Federal Reserve that we’ve ever had.” He added, “He’s got abilities that very few people have. He’s respected by everybody.”
Supreme Court Justice Clarence Thomas administered the oath of office to Warsh, officially swearing him in.
Warsh, 56, succeeds Jerome Powell at a pivotal moment for the U.S. economy as inflation pressures, global instability, and interest-rate policy dominate financial markets.
Warsh enters the role amid growing debate over whether the Federal Reserve should continue holding rates steady or take more aggressive action as energy prices and geopolitical tensions impact inflation.
At the ceremony, Trump emphasized that Warsh would operate independently despite his past criticisms of Powell. “I want Kevin to be totally independent,” Trump said. “Don’t look at me, don’t look at anybody. Just do your own thing, and do a great job.”
Trump also sharply criticized the Federal Reserve’s direction under previous leadership, stating, “The Fed lost its way in recent years. It became distracted by concerns far removed from its core mission and mandate, drifting into matters such as climate policy and DEI initiatives.”
Warsh echoed that message, pledging to lead “a reform-oriented Federal Reserve” focused squarely on inflation, growth, employment, and institutional integrity. After taking the oath of office, he said, “Our mandate at the Fed is to promote price stability and maximum employment.”
“When we pursue those aims with wisdom and clarity, independence and resolve,” Warsh added, “inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous.”
Warsh also promised modernization efforts at the central bank, criticizing what he described as outdated economic models and excessive “forward guidance” practices.
Trump used the occasion to highlight the strength of the U.S. economy under his administration, citing stock market gains, falling jobless claims, private-sector job growth, deregulation, tariffs, and claimed investment commitments. During the ceremony, Trump noted, “The stock market’s up 600 points today. That means they like you.”
Warsh previously served as the youngest governor in Federal Reserve history when he joined the board at age 35. A former Stanford scholar and Wall Street executive, he is widely viewed as aligned with Trump’s pro-growth economic agenda. However, Warsh stressed that the Fed would remain guided by its independent mission.
“After we leave this stage, the real work begins,” Warsh said. “So let’s begin that work.”
