Kevin Warsh was sworn in as chairman of the Federal Reserve in a White House ceremony.
This marked the first time since 1987 that the White House was the setting for this ceremony. President Trump hosted the event, and Supreme Court Justice Clarence Thomas administered the oath of office to Warsh.
Jerome Powell, Warsh’s predecessor, was not present at today’s ceremony. Powell had been the subject of constant criticism by Trump for not lowering rates and opted to stay on the Fed’s board of governors after the Department of Justice attempted to subpoena him and the central bank regarding renovation cost overruns at the Fed’s headquarters.
In welcoming Warsh, the president stressed that did not want him to be seen as a yes-man for the White House.
“I want Kevin to be totally independent,” Trump said. “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. Do a great job, okay? We want to stop inflation, but we don’t want to stop greatness.”
Warsh spoke briefly and stated his wish to lead a “reform-oriented Federal Reserve” that will be guided by “wisdom and clarity, independence and resolve.”
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