The Federal Reserve's leadership transition became official on May 22, 2026. At 11 a.m. ET, former Fed governor Kevin Warsh was sworn in as the new chair at the White House, with President Donald Trump personally presiding over the ceremony. The event broke a nearly 40-year precedent — the last time a sitting president hosted a Fed chair's swearing-in at the White House was in 1987 for Alan Greenspan.
Trump: 'Nobody Better' and 'Don't Look at My Face'
Trump lavished praise on the nominee he picked, who narrowly passed the Senate 54–45 on May 13. Joking that the stock market had rallied 600 points on Warsh's appointment, Trump said, "They love you."
Remarkably, Trump — who has frequently meddled in Fed policy — explicitly stressed central bank independence: "I want Kevin to be totally independent. Don't look at me. Don't look at anybody. Just do your own thing and do it well."
Warsh's Low-Key Response: Independence and Inflation Fight
Succeeding Jerome Powell, Warsh now holds the highest monetary policy seat. He kept his remarks brief and traditionally reserved. Offering thanks to Trump, he did not announce any specific rate cut or policy timeline. Instead, he placed emphasis on the Fed's core mission: maintaining independence and focusing on price stability, employment, and economic growth through a data-driven approach.
Warsh served as a Fed governor from 2006 to 2011 and handled crisis management during the 2008 financial meltdown. With the Powell era officially over as of May 15, global markets now await Warsh's first formal policy speech in the coming weeks, looking for clues on how he will tackle current inflation pressures and high interest rates.