Business, Finance & Tech
Kevin Warsh Sworn In as Federal Reserve Chair by Justice Clarence Thomas at White House Ceremony
WASHINGTON — President Donald Trump formally swore in longtime economic adviser Kevin Warsh as the new Chair of the Federal Reserve during a high-profile ceremony in the White House East Room on Friday. The event followed Warsh's confirmation by the Senate earlier this month in a largely party-line vote, cementing a leadership change at the helm of the nation's central bank as the administration aggressively pushes its domestic economic agenda. Supreme Court Justice Clarence Thomas administered the oath of office to Warsh, who assumes control of an institution that underpins the global financial system.
During his remarks, President Trump praised Warsh as uniquely qualified to lead the central bank but explicitly emphasized a desire for the new chair to operate without political interference. Trump instructed Warsh to remain completely independent and focus strictly on executing his duties rather than looking to the executive branch for direction. Despite calling for independence, the president used the platform to sharply criticize the Federal Reserve's recent trajectory under previous leadership, asserting that the institution had lost its way by drifting into political and social matters far removed from its core economic mission.
The president specifically blamed the central bank's focus on climate policy and diversity, equity, and inclusion initiatives for distracting from its fundamental responsibilities. Trump argued that this policy drift, combined with what he characterized as reckless deficit spending by the previous administration, triggered the severe inflationary pressures that have burdened American consumers. The ceremony underscored the administration's intent to re-center the Federal Reserve on traditional fiscal metrics to promote stronger economic growth and rapidly curb inflation.
Upon taking the oath, Chair Kevin Warsh acknowledged the immense consequence of the current economic landscape and expressed gratitude to Justice Thomas for administering the pledge, describing the long-serving jurist as a brilliant independent thinker and a close friend. Warsh pledged to steer a reform-oriented Federal Reserve that balances past successes with a willingness to learn from previous institutional errors. He stressed that the central bank must abandon static economic frameworks and models that fail to reflect real-world dynamics, aiming instead to establish clear standards of integrity and performance.
Looking ahead, Warsh reaffirmed that the primary mandate of the Federal Reserve remains the promotion of price stability and maximum employment. He stated that by pursuing these dual objectives with resolve and clarity, the central bank can foster a more prosperous domestic economy marked by robust growth, lower inflation, and higher real take-home pay for workers. The new chairman concluded by emphasizing that a stabilized and sound monetary policy is vital not only to American prosperity but also to securing the United States' standing within the global financial order.
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By: NBC Palm Springs
May 22, 2026
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