President Donald Trump hosted a swearing-in ceremony for Kevin Warsh as new Fed chair on Friday.
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The East Room was packed for the ceremony, which usually is held at the Federal Reserve Building.
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Among those attending were Kevin Hassett, director of the National Economic Council and at one point a top contender to succeed Jay Powell as Fed chair, until Trump decided he wanted to keep Hassett at the White House.
Supreme Court Justice Clarence Thomas delivered the oath. Supreme Court Justice Brett Kavanaugh was also present, as were members of Trump’s Cabinet, other top Trump administration officials, and current and former members of Congress.
Trump opened with praise for Warsh, predicting that he “will go down as one of the truly great chairmen of the Federal Reserve.”
“I think he’s got abilities that very few people have,” Trump said.
Trump says he wants new Fed chair to be ‘totally independent’
“I really mean this. This is not said in any other way,” Trump said. “I want Kevin to be totally independent. I want him to be independent and just do a great job.”
“Don’t look at me, don’t look at anybody. Just do your own thing and do a great job, O.K.?” he added.
The pressure Trump placed on outgoing Fed chair Jay Powell to lower interest rates raised questions about the independence of the Federal Reserve.
America’s central bank has a new chairman
Warsh said it was an honor to be sworn in by his “esteemed friend,” Thomas. He explained Kavanaugh’s presence by telling the audience the two of them had worked at the White House earlier in their careers.
He’s also talking about former Fed chair Alan Greenspan, calling him an idol.
Greenspan was sworn in at the White House by President Ronald Reagan.
Warsh said that, like Greenspan, he intends to fill the role of Fed chair “with energy and purpose.”
Warsh briefly nods to the issue of independence
Warsh, in his remarks, said he saw Greenspan as a model for the role, explaining that the Fed can help with the nation’s prosperity.
“Our mandate at the Fed is to promote price stability and maximum employment. When we pursue those aims with wisdom and clarity, independence and resolve — inflation can be lower; growth, stronger; real take-home pay, higher,” Warsh said.
