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Kevin Warsh Takes Over as Federal Reserve Chair
(MENAFN) Kevin Warsh officially took the oath of office on Friday as the new chair of the Federal Reserve, marking the start of what the U.S. administration hopes will be a refreshed direction in national economic policy.
The swearing-in ceremony concluded a prolonged political episode driven by U.S. President Donald Trump’s repeated calls for the central bank to reduce interest rates. Those demands were consistently opposed by outgoing Chair Jerome Powell, who pointed to inflation risks as his main reason for resisting such cuts. During the White House East Room event, Trump also emphasized that he expects Warsh to operate independently from political influence.
"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," Trump said at the event in the White House's East Room.
At the same time, the president quickly reiterated his earlier criticisms of Powell, arguing that the central bank had strayed from its primary responsibilities in recent years and become preoccupied with issues outside its core mandate.
"Unfortunately, in the eyes of many, the Fed lost its way in recent years. It became distracted by concerns far removed from its core mission and mandate," he said.
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