Trump Swears In Kevin Warsh As New Fed Chair; Promises ‘Reform-Oriented’ Central Bank

Last Updated:May 22, 2026, 23:15 IST

Donald Trump swears in Kevin Warsh as new Federal Reserve chairman, replacing Jerome Powell, pledging reform, focus on inflation and growth, markets watch future rate moves.

US President Donald Trump on Friday formally swore in Kevin Warsh as the new chairman of the Federal Reserve, replacing Jerome Powell whose term ended last week.

The ceremony took place at the White House, with Supreme Court Justice Clarence Thomas administering the oath. After the swearing-in, Thomas jokingly commented on Warsh’s future at the central bank, saying: “Well, he’s sworn in!"

Warsh, a former Federal Reserve governor, said he intends to lead a “reform-oriented Federal Reserve" and signalled a focus on controlling inflation while boosting economic growth.

“Inflation can be lower, growth stronger and take-home pay can be higher," Warsh said after taking office.

“My goal now is to create an environment where the best people can do their best life’s work," he added, thanking Trump for nominating him.

“After we leave the stage, the real work begins. So let’s get to work," Warsh said.

Warsh’s appointment comes amid continued debate over interest rates and monetary policy, particularly after President Trump repeatedly urged the Federal Reserve to lower borrowing costs.

Asked whether the new Fed chief would reduce interest rates, Treasury Secretary Scott Bessent avoided making predictions.

“He’s going to do the right thing for inflation and growth," Bessent told reporters.

Trump, meanwhile, stressed that he wanted Warsh to remain independent despite past pressure on the central bank.

“I want Kevin to be totally independent," the president said.

Other Republican figures attending the event, including former Virginia Governor Glenn Youngkin, also declined to speculate on how Warsh might approach rate decisions.

The leadership change at the Federal Reserve will be closely watched by markets as investors look for signals on inflation, interest rates and the direction of the US economy.

Following the ceremony, Trump was scheduled to travel to Suffern, New York, to campaign for Republican Congressman Mike Lawler ahead of November’s elections before heading to his golf resort in Bedminster, New Jersey.

News world Trump Swears In Kevin Warsh As New Fed Chair; Promises ‘Reform-Oriented’ Central Bank

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