President Donald Trump will conduct a swearing-in ceremony for Kevin Warsh as the new Federal Reserve chairman this Friday at the White House, according to an announcement from the Trump administration on Thursday.
The confirmation of Warsh occurred on May 13 through a vote that largely followed party lines. Warsh will be replacing Jerome H. Powell in the top position at the nation’s central bank, although Powell will continue serving as a board member through 2028.
At 56 years old, Warsh will hold the chairman position for four years and serve as a Fed governor for 14 years. Trump chose Warsh as a counterforce to additional interest rate increases. Warsh has consistently advocated for reducing rates while also cutting back the Fed’s balance sheet.
Warsh assumes leadership while other board members are considering raising rates to combat inflation linked to Trump’s military conflict in Iran. According to meeting minutes released on Wednesday, most Fed policymakers during their April 28-29 gathering believed “some policy firming would likely become appropriate” should inflation continue to exceed the central bank’s 2% goal.
