President Donald Trump presided over the swearing-in of Kevin Warsh as Chairman of the Federal Reserve at the White House on Friday, May 22, 2026 [1].
The appointment comes as the administration seeks to stimulate the economy through lower interest rates, placing Warsh at the center of a tension between executive goals and central bank autonomy.
Supreme Court Justice Clarence Thomas administered the oath of office during the ceremony [2]. This event marks the first time in almost 40 years [3] that a Federal Reserve chair has been sworn in at the White House.
Warsh arrives at the leadership position following a Senate confirmation vote that was largely party-line [4]. In previous statements, Warsh said his vision was for "a reform-oriented Federal Reserve" [5].
The transition occurs while financial markets expect the Federal Reserve to keep interest rates on hold through most, if not all, of 2026 [6]. This market outlook contrasts with the administration's desire for rate cuts to drive economic growth.
President Trump said the central bank would remain independent [7]. However, reports indicate the president has simultaneously pressured the Federal Reserve to cut interest rates to gain greater control over economic levers [8].
“a reform-oriented Federal Reserve”
The selection of Kevin Warsh and the decision to hold the ceremony at the White House signal a shift toward closer alignment between the executive branch and the U.S. monetary authority. While the administration publicly maintains the Fed's independence, the appointment of a reform-minded chair suggests an effort to challenge the existing interest rate trajectory to favor short-term economic stimulation.
