Kevin Warsh sworn in as new Fed chair, replacing Powell
Kevin Warsh has vowed to preserve the Fed's independence over monetary policy, telling lawmakers he will never "predetermine" interest rates at the president's request.
Updated on: May 22, 2026 / 5:14 PM EDT / CBS News
Washington — Kevin Warsh was sworn in as the chairman of the Federal Reserve on Friday, taking the reins of the central bank from Jerome Powell after a ceremony at the White House.
"With this oath, I've accepted a high and solemn responsibility," Warsh said.
"Our mandate at the Fed is to promote price stability and maximum employment," he said. "When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower, growth stronger, real take-home pay higher and America can be more prosperous. And no less important, America's place in the world more secure."
Warsh said he will "lead a reform-oriented Federal Reserve, learning from past successes and mistakes both, escaping static frameworks and models, and upholding clear standards of integrity and performance."
President Trump introduced Warsh in the White House East Room, addressing a crowd that included Supreme Court justices, members of Congress, Cabinet members and business leaders. Justice Clarence Thomas swore Warsh into office. He took the oath on a Bible held by his wife.