Kevin Warsh sworn in as new Fed chair, replacing Powell
Summary
Kevin Warsh was sworn in as the new chair of the Federal Reserve, replacing Jerome Powell. President Donald Trump introduced Warsh at a White House ceremony and emphasized that Warsh should act independently in managing the country’s monetary policy.Key Facts
- Kevin Warsh became chairman of the Federal Reserve on May 22, 2026.
- The swearing-in ceremony took place at the White House, with Supreme Court Justice Clarence Thomas administering the oath.
- President Trump expressed his wish for Warsh to be independent and not influenced by anyone.
- Trump has previously pressured the Fed to cut interest rates faster to boost economic growth.
- Jerome Powell chaired the Fed since 2018 and faced criticism from Trump for not lowering rates quickly enough.
- The Fed’s main goals are to keep prices stable and support maximum employment.
- Warsh said he will focus on reforming the Fed and maintaining its integrity and independence.
- The Federal Reserve’s interest rate decisions are made by a committee of 12 members, and Warsh will need support from them to change rates.
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