Kevin Warsh was sworn in as the 17th chairman of the Federal Reserve on Friday during a ceremony at the White House.
Warsh took the oath of office from Supreme Court Justice Clarence Thomas in the East Room after President Donald Trump delivered remarks, in which he predicted Warsh “will go down as one of the truly great chairmen of the Federal Reserve that we’ve ever had.”
Warsh was honored to receive the oath from Thomas. He called Thomas “a brilliant and independent thinker, a man dedicated to our Constitution, and no less important, a joyful and collegial presence on our highest court.”
The newly minted Fed chair noted his relationship with former chairman Alan Greenspan, whom President Ronald Reagan appointed to the role in 1987.
“I’ve known five of my predecessors in this job, some of them quite well, but Chairman Greenspan was the first to tell me and show me what this role demands,” Warsh said.
“Like Alan… I intend to fill the role of chairman with energy and purpose, just the way Chairman Greenspan did, faithful to the mission and the very best traditions of the Fed,” he added.
Warsh noted that the Fed’s mandate is to maximize employment and foster price stability, and he will operate as chairman from a “reform-oriented” perspective.
“When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous; and no less important, America’s place in the world more secure,” he said.
“To fulfill this mission, I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes both, escaping static frameworks and models, and upholding clear standards of integrity and performance,” he added.
Trump, who throughout his second term has been sharply critical of now-former Fed Chair Jerome Powell, blasted the Federal Reserve’s direction 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,” Trump said.
“With the Fed straying from its mandate while the last administration blew out the deficit, Americans suffered the worst inflation that we had in history, ” Trump added.
The president also stressed that he wants Warsh to operate independently.
“I want Kevin to be totally independent. 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,” he said.
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