President Donald Trump appointed Kevin Warsh as the Chairman of the Federal Reserve Board, aiming to restore confidence in the US Central bank. At a ceremony in the White House East Room, Trump praised Warsh as one of the Federal Reserve’s exceptional chairmen, emphasizing his widespread respect in the position. Warsh, sworn in by Supreme Court Justice Clarence Thomas, was urged by Trump to operate independently and focus on executing his responsibilities effectively.
Trump expressed his dissatisfaction with the Federal Reserve’s recent priorities, criticizing its shift towards climate policy and Diversity, Equity, and Inclusion (DEI) initiatives instead of concentrating on inflation and employment concerns. He commended Warsh for advocating reforms within the central bank, highlighting the need for modernization in various operational aspects. Warsh, emphasizing the importance of maintaining price stability and maximum employment, pledged to lead a reform-oriented Federal Reserve that learns from past experiences.
During the event, Trump highlighted his administration’s economic achievements, citing the stock market’s recent performance and significant investments attracted to the US. He attributed these successes to policies such as tariffs and deregulation, which he claimed had stimulated growth in manufacturing and technology sectors across the country. Warsh, a former Federal Reserve Governor with a background in economics, was recognized by Trump for his mentorship under notable figures like Milton Friedman and George Shultz.
