Kevin Warsh promises 'reform-oriented' Fed as he's sworn in as chairman

May 22 (UPI) -- Kevin Warsh was sworn in as the new chairman of the Federal Reserve on Friday.

Supreme Court Justice Clarence Thomas oversaw the swearing-in in a ceremony at the White House. President Donald Trump was in attendance.

Warsh promised to oversee "a reform-oriented Federal Reserve" after months of head-butting between Trump and former Fed Chairman Jerome Powell. The president, who nominated Powell to lead the central bank during his first term, has repeatedly criticized him over his interest rate policy decisions.

"While I'm not naive about the challenges we face, I believe, Mr. President, these years can bring unmatched prosperity that will raise living standards for Americans from all walks of life, and the Fed has something to do with it," Warsh said during the ceremony.

"Our mandate at the Fed is to promote price stability and maximum employment."

During his confirmation hearing last month, Warsh promised to keep the Federal Reserve independent from the executive branch.

"I do not believe the operational independence of monetary policy is particularly threatened when elected officials -- presidents, senators or members of the House -- state their views on interest rates," he said.

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This story was originally published May 22, 2026 at 3:01 PM.