Standing in the East Room of the White House, framed by a row of 16 U.S. flags in front of golden curtains, Kevin Warsh was sworn in as the newest chairman of the Federal Reserve on Friday.
In comments during the ceremony, Warsh promised to “lead a reform-oriented Federal Reserve.”
Warsh, who had been confirmed by the Senate on May 13, is the first Fed chair to be sworn in at the White House since Alan Greenspan in 1987. Warsh was administered his oath by Supreme Court Justice Clarence Thomas.
Dignitaries had filled the room to witness the event, ranging from current cabinet members and Supreme Court justices to House Speaker Mike Johnson and former Vice President Dan Quayle. President Donald Trump entered the room as “Hail to the Chief” played, leading Warsh to the dais as the crowd cheered.
Warsh stood to the side as Trump addressed the room for about 23 minutes, joking about White House renovations and observing how many more people would have attended the swearing-in if the room had been larger.
The president spoke about the stock market, his visit to China, the military, Venezuela, Iran, power plants, tariffs, domestic manufacturing, AI and job growth. And yes, he also spoke about Warsh, saying “no one was even close” to earning his nod for Fed chair despite an extensive and lengthy vetting process.
Trump pledged the full support of his administration but also promised to keep his distance.
“I want Kevin to be totally independent. I want him to be independent and just do a great job,” Trump said. “Don’t look at me, don’t look at anybody, just do your own thing and do a great job, OK?”
Warsh was then sworn in as his wife, Jane Lauder, held the Bible.
Warsh, who had previously served on the Fed’s Board of Governors from 2006 to 2011, spoke for about five minutes, starting by repeating earlier comments Trump had made.
“I recognize, as the president said, that ours is a time of great consequence,” Warsh said.
He added that he is “not naive about the challenges we face” and intends “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.”
Warsh also discussed the Fed’s mandate to promote both price stability and maximum employment.
“When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower. Growth stronger. Real take-home pay higher. And American can be more prosperous,” Warsh said. “And no less important, America’s place in the world more secure.”
To fulfill that mission, Warsh said he “will lead a reform-oriented Federal Reserve, learning from past successes and mistakes.” He also vowed to escape “static frameworks and models” and to uphold “clear standards of integrity and performance.”
Warsh replaces outgoing Fed Chair Jerome Powell, who had announced in late April that he would retain his governorship position after his term as chair ended.
Warsh will now be responsible for the Fed’s $6.5 trillion balance sheet, which comprises about $4.4 trillion in U.S. Treasurys and nearly $2 trillion in mortgage-backed securities as of mid-April. He has said he will work to reduce the size of the Fed’s balance sheet but has offered few details on how to accomplish that task.
