Trump will host Walsh’s swearing-in ceremony at the White House; markets are watching closely: Will he heed the president’s call to cut interest rates?
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Trump will host Walsh’s swearing-in ceremony at the White House; markets are watching closely: Will he heed the president’s call to cut interest rates?
This is the first time since Alan Greenspan in 1987 that a new Federal Reserve Chair has been sworn in at the White House.
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According to a White House official, U.S. President Donald Trump will personally administer the oath of office to Kevin Warsh—the incoming Chair of the Federal Reserve—at the White House this Friday. Warsh will become the 17th Chair of the Federal Reserve, succeeding Jerome Powell, and will also be the wealthiest Fed Chair in history.
The ceremony at the White House underscores Trump’s unusually high level of personal involvement in this appointment. By contrast, when Trump nominated Powell to lead the Fed during his first term in 2018, Powell was sworn in internally at the Federal Reserve, and Trump did not attend.
The last Fed Chair sworn in at the White House was Alan Greenspan in 1987. In recent years, swearing-in ceremonies for Fed Chairs have been held internally at the Federal Reserve.
The last sitting president to attend such a ceremony was George W. Bush, who attended Ben Bernanke’s swearing-in in 2006. Bernanke had previously served as Chair of the White House Council of Economic Advisers. Later that same year, Warsh was sworn in as a Federal Reserve Board member at the Eisenhower Executive Office Building, presided over by then-Vice President Dick Cheney.
Friday’s ceremony will mark the end of an unusually prolonged transition period at the top of the Federal Reserve. The Fed announced last week that Powell would remain as Acting Chair until Warsh—confirmed by the Senate last week for a four-year term—completed his swearing-in.
Powell’s four-year term as Fed Chair expired last weekend. Powell has stated he plans to remain on the Federal Reserve Board as a governor for some time, though he did not specify how long. His term as a governor runs through January 2028.
A delay of several days between confirmation and swearing-in is not uncommon. Warsh previously agreed to divest certain personal investments before assuming office.
Warsh will take the helm at a complex moment. Escalating U.S.-Israeli military action against Iran has intensified inflationary pressures, further complicating the Fed’s policy outlook, while Warsh’s critics worry whether he can maintain sufficient independence from the White House.
Trump has said he expects Warsh to cut interest rates soon. During his Senate confirmation hearing, Warsh pledged to act independently but also delivered sharp criticism of the central bank’s recent performance.
As the transition continues, Federal Reserve Vice Chair Philip Jefferson will represent the central bank at the G7 finance ministers’ and central bank governors’ meeting in Paris on Monday.
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