US News | Kevin Warsh Becomes Next US Fed Chief
US News | Kevin Warsh Becomes Next US Fed Chief Kevin Warsh was sworn in as Fed chair Friday by Supreme Court Justice Clarence Thomas
US News | Kevin Warsh Becomes Next US Fed Chief Kevin Warsh was sworn in as Fed chair Friday by Supreme Court Justice Clarence Thomas. In remarks before delivering the oath, President Donald Trump said he wants the 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, okay?" he added. The pressure Trump placed on outgoing Fed chair Jerome Powell to lower interest rates raised questions about the independence of the Federal Reserve. Warsh in his remarks said he saw former Fed chair Alan Greenspan as a model for the role and said that the Fed can help with the prosperity of the nation. "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. The East Room of the White House was packed for the ceremony, which usually is held at the Federal Reserve Building. Among those attending were Kevin Hassett, director of the 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 Brett Kavanaugh was also present, as were members of Trump's Cabinet, other top Trump administration officials, and current and former members of Congress.
The BriefWire