Washington, May 23 (IANS) President Donald Trump swore in Kevin Warsh as Chairman of the Federal Reserve Board and said he would restore confidence in the US’ Central bank.
Speaking at the White House East Room ceremony on Friday, Trump called Warsh “one of the truly great chairmen of the Federal Reserve that we’ve ever had”.
“He’s respected by everybody, and that’s so important in that position,” the US President said.
Warsh took the oath of office from Supreme Court Justice Clarence Thomas before an audience that included House Speaker Mike Johnson, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and former Secretary of State Condoleezza Rice.
Trump said he wanted Warsh to operate independently.
“I want Kevin to be totally independent,” he added.
“Don’t look at me, don’t look at anybody, just do your own thing and do a great job.”
The US President criticised the Federal Reserve’s recent direction.
He said the institution had become distracted by “climate policy and Diversity, Equity, and Inclusion (DEI) initiatives” instead of focusing on inflation and employment.
Trump also praised Warsh for supporting reforms at the central bank.
“He’ll bring much needed reform and modernisation,” Trump said, referring to data collection, economic modelling and the Fed’s communication practices.
Warsh said the Federal Reserve must remain focused on price stability and maximum employment.
“Our mandate at the Fed is to promote price stability and maximum employment,” he added.
“When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous.”
He pledged to lead what he called a “reform-oriented Federal Reserve”.
“I will lead a reform-oriented Federal Reserve learning from past successes and mistakes,” Warsh said.
Trump used the event to promote his administration’s economic record.
He said the stock market had hit new highs during trading on Thursday.
“Stock market’s up 600 points,” Trump said.
“That means they like you.”
President Trump also said the United States had attracted “$18 trillion being invested in the US” during the first 11 months of his administration.
He credited tariffs and deregulation for driving manufacturing and technology investment.
“We’re building factories, car plants, everything, AI, everything all over the country,” Trump said.
“Nobody’s ever seen anything like it.”
Warsh previously served as a Federal Reserve Governor during the 2008 financial crisis.
Trump said he studied under economist Milton Friedman and was mentored by former Treasury Secretary and Secretary of State George Shultz.
–IANS
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