The ceremony at the White House was attended by prominent figures, including US Supreme Court Justices Clarence Thomas and Brett Kavanaugh, US House Speaker Mike Johnson, along with many politicians and cabinet members. "Our mission at the Fed is to promote price stability and maximize employment," Warsh stated after the oath-taking ceremony.
"By pursuing these goals with wisdom and clarity, independence and decisiveness, inflation can be lower, growth stronger, people's real incomes higher, America more prosperous, and, equally important, the US's position in the world further strengthened," he said.
Warsh pledged to lead the Fed with a "reform-oriented" approach, learning from past successes and mistakes, moving beyond rigid frameworks and models, while upholding "clear standards of unity and efficiency."
 |
US president Donald Trump and Kevin Warsh at the Fed chair inauguration ceremony on 22/5. Photo: *Reuters* |
The new Fed chair takes office amid significant US economic volatility and president Trump's previous high expectations regarding interest rates. During the ceremony, Trump stated he wanted Warsh to "just do his own thing and do a good job," adding, "I want Kevin to be completely independent. Don't look at me, don't look at anyone." Later that day, the US president declared that interest rates would fall "very quickly," asserting his expectations for the Fed under Warsh.
This ceremony highlighted president Trump's unprecedented level of intervention with the Fed during his second term. Warsh is the first Fed chair to be sworn in at the White House since Alan Greenspan in 1987. Since last year, the Fed and then-Chair Jerome Powell were repeatedly criticized by the US president for not aggressively cutting interest rates. Throughout the candidate selection process to replace Powell, Trump also frequently stated he would only choose someone who supported rate reductions. This sparked concerns that the monetary authority's independence could be weakened under the new chair, potentially limiting its ability to control inflation and stabilize markets.
At an event in Suffern, New York, Trump further expressed his confidence in the new appointment. "Let's wait and see what happens. I once had a bad Fed chair, and now I have a great one. Kevin just got sworn in today. He is great and will do even better," he stated. Warsh was nominated for this position by US president Donald Trump.
Warsh, 56, is the 11th Fed chair in the modern era. He succeeds Jerome Powell, who held the position for 8 years. The 22/5 oath-taking ceremony also marks Warsh's second time working at the Fed. He previously served as a Fed governor from 2006-2011, when the agency coordinated with the US Treasury Department to address the global financial crisis.
By Ha Thu (according to Reuters, CNBC)
