Trump to Swear In Incoming Fed Chair Kevin Warsh at the White House

A White House official said President Donald Trump will personally oversee the swearing-in of Kevin Warsh, the Federal Reserve's incoming chair, at the White House on Friday. Warsh will become the Fed's 17th chair, succeeding Jerome Powell. He is also set to be the wealthiest Fed chair on record. Holding the ceremony at the White House highlights Trump's direct involvement in the transition. The move breaks with recent practice. When Trump appointed Powell in 2018 during his first term, the swearing-in was held inside the Fed and Trump did not attend. The last new Fed chair to be sworn in at the White House was Alan Greenspan in 1987. In more recent years, ceremonies have typically taken place at the central bank. The last sitting president to attend a Fed chair swearing-in was George W. Bush, who attended Ben Bernanke's ceremony in 2006, when Bernanke was chair of the White House Council of Economic Advisers. Later that year, Warsh was sworn in as a Fed governor by then Vice President Dick Cheney in the Eisenhower Executive Office Building. Friday's event is expected to close an unusually extended leadership transition. The Fed said last week that Powell would remain acting chair until Warsh, confirmed by the Senate last week for a four-year term, is sworn in. Powell's four-year term as chair expired last weekend. Powell has said he plans to stay on the Fed's Board of Governors for some time, without specifying how long. His term as a governor runs through January 2028. Delays of several days between Senate confirmation and the swearing-in are not uncommon. Warsh previously agreed to divest certain personal investments before taking office. He takes over at a challenging moment for monetary policy. The U.S.-Israel war against Iran has intensified inflationary pressures, complicating the Fed's outlook. Critics have also raised questions about whether Warsh can maintain sufficient independence from the White House. Trump has said he expects Warsh to cut interest rates soon. At his Senate confirmation hearing, Warsh pledged to operate independently while also delivering sharp criticism of the central bank's performance in recent years. As the transition proceeds, Fed Vice Chair Philip Jefferson will represent the central bank at the G7 meeting of finance ministers and central bank governors in Paris on Monday. Source: Jin10 Data DeepS潮 TechFlow