Trending Now - Warsh Takes Fed Helm Amid Calls for Change and Unity

WHO:

AP News - Kevin Warsh is the new chair of the Federal Reserve.

AP News - President Trump oversaw the swearing-in ceremony.

AP News - Supreme Court Justice Clarence Thomas administered the oath of office.

AP News - Attendees included House Speaker Mike Johnson, Justice Brett Kavanaugh, CIA Director John Ratcliffe, and Cabinet members.

WHAT:

AP News - Warsh was sworn in as the new Federal Reserve chair.

AP News - Trump expressed a desire for Warsh's help in stimulating the economy.

AP News - Trump stated, “I expect he will go down as one of the truly great chairmen of the Federal Reserve that we’ve ever had.”

AP News - Warsh promised to lead a reform-oriented Federal Reserve.

AP News - Warsh stated that the Fed's mandate is to promote price stability and maximum employment.

WHERE:

AP News - The swearing-in ceremony took place in the East Room of the White House.

WHY:

AP News - Trump criticized Warsh’s predecessor, Jerome Powell, for being reluctant to cut interest rates, arguing that lower borrowing costs would boost the economy.

AP News - Trump suggested that the Fed has “lost its way in recent years” under Biden.

HOW:

AP News - Trump emphasized the importance of the Fed's independence during his remarks, stating, “I want him to be independent and just do a great job.”

AP News - Warsh indicated that productivity gains from artificial intelligence could help the economy grow without spurring inflation, allowing for potential rate cuts.

(UPDATED May 23, 2026 15:18 UTC)

Kevin Warsh has been sworn in as the new chair of the Federal Reserve, with President Trump overseeing the ceremony in the East Room of the White House, where Supreme Court Justice Clarence Thomas administered the oath of office. Trump expressed his expectation that Warsh will become one of the truly great chairmen of the Federal Reserve, emphasizing the importance of the Fed's independence while criticizing the previous chair, Jerome Powell, for being hesitant to cut interest rates. Warsh, who promised to lead a reform-oriented Federal Reserve, noted that the Fed's mandate is to promote price stability and maximum employment, and he indicated that productivity gains from artificial intelligence could facilitate economic growth without triggering inflation.