Kevin Warsh was sworn in as the 17th chair of the U.S. Federal Reserve on May 22 at a ceremony in the White House East Room, succeeding Jerome Powell whose term as chair expired earlier in May.
Supreme Court Justice Clarence Thomas administered the oath as President Donald Trump looked on, with members of Congress, Cabinet officials and business leaders in attendance. Warsh, 56, previously served on the Fed board from 2006 to 2011 and was the youngest-ever governor when nominated at age 35.
The Senate confirmed Warsh last week by a 54-45 vote after a hold by Senator Thom Tillis was lifted. Warsh pledged to lead a reform-oriented central bank focused on price stability and maximum employment. He has said operational independence of monetary policy should be preserved despite political debate over interest rates.
Powell indicated he will remain on the Fed board until January 2028, an unusual arrangement that could create overlapping leadership. Trump has frequently criticized Powell for not cutting rates faster. Warsh takes office as U.S. inflation runs at 3.8 percent, a three-year high, complicating the policy path ahead.
Warsh served at the Hoover Institution at Stanford University before returning to the Fed. He was nominated in January and confirmed 54-45 after Senator Thom Tillis lifted a hold related to a Justice Department probe of Powell. Powell will remain a board member until January 2028 despite stepping down as chair.
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Sources:
https://www.cnn.com/2026/05/22/economy/kevin-warsh-sworn-in-fed-chair