Kevin Warsh sworn in as new Federal Reserve chair

Kevin Warsh took the oath of office as the new chair of the Federal Reserve on Friday, ushering in what President Donald Trump hopes will be a new era in US economic policy. The swearing‑in at the White House’s East Room capped a prolonged battle over central bank leadership, driven by Trump’s desire for lower interest rates — a policy steadfastly resisted by outgoing Chair Jerome Powell due to inflationary concerns.

Independence and criticism of Powell

During the ceremony, Trump insisted that Warsh should maintain the Fed’s independence: “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.” Nevertheless, Trump quickly repeated his criticism of Powell, saying: “Unfortunately, in the eyes of many, the Fed lost its way in recent years. It became distracted by concerns far removed from its core mission and mandate.”