Kevin Warsh takes over as Fed Chair with promise of 'reform-oriented' Federal Reserve
The new Fed chief assured that if central bankers act correctly, "inflation can be lower, growth can be stronger, real wages can be higher, and America can be more prosperous."
President Trump shakes hands with new Fed Chairman Kevin Warsh.
Kevin Warsh was sworn in Friday as the new Chairman of the Federal Reserve (Fed) in a ceremony at the White House, a rare occurrence that underscores the Trump administration's strong backing for the new central bank chief.
In his first speech, Warsh promised to lead a more modern and effective institution by stating that he will lead "a reform-oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models, and upholding clear standards of integrity and performance."
The new Fed chief added that central bankers must pursue their goals "with wisdom and clarity, independence and resolve." He was also optimistic about the economic future, assuring that, if central bankers act correctly, "inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous."
President Donald Trump, who attended the inauguration, praised Warsh and made his expectations clear. "Kevin understands that when the economy is booming, that's a good thing. We want to stop inflation, but we don't want to stop greatness," the president noted.
Republican symbolism at Warsh's inauguration
Warsh arrives at the Fed at a key moment, with a Trump Administration that seeks to boost strong growth. His appointment represents a clear shift toward a central bank more results-oriented and less tied to traditional approaches.
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