According to a White House official, President Trump will personally administer the swearing-in ceremony for incoming Federal Reserve Chair Kevin Warsh at the White House on Friday. Warsh will become the 17th Chair of the Federal Reserve, succeeding Jerome Powell, and will also be the wealthiest Fed Chair in history.

The ceremony held at the White House underscores Trump’s highly personal interest in this appointment. In contrast, when Trump nominated Powell to lead the Fed during his first term in 2018, Powell was sworn in internally at the Fed, with Trump not attending the event.

The last Fed Chair to be sworn in at the White House was Alan Greenspan in 1987. In recent years, Fed Chair swearing-in ceremonies have been held internally at the Federal Reserve.

The last U.S. president to attend such an event was George W. Bush, who attended Ben Bernanke’s swearing-in in 2006; Bernanke had previously served as Chairman of the Council of Economic Advisers. Later that same year, Warsh was sworn in as a Federal Reserve Governor by then-Vice President Dick Cheney at the Eisenhower Executive Office Building.

The Friday ceremony will mark the end of an unusually prolonged transition at the top of the Federal Reserve. The Fed stated last week that Powell would remain as acting Chair until Warsh, confirmed by the Senate for a four-year term, completes his swearing-in.

Powell’s four-year tenure as Chair officially expired over the weekend. Powell has indicated he plans to remain on the Board of Governors for some time beyond his chairmanship, though he did not specify the duration. His governorship will continue until January 2028.

A delay of several days between confirmation and swearing-in is not uncommon. Warsh has previously agreed to divest certain personal investments prior to assuming office.

Warsh will take the helm of the Federal Reserve at a complex moment. Escalating tensions between the U.S. and Iran are intensifying inflationary pressures, complicating the Fed’s policy outlook. Critics are concerned about whether Warsh can maintain sufficient independence from the White House.

Trump has indicated he expects Warsh to cut interest rates soon. During his Senate confirmation hearing, Warsh pledged independent action but also delivered sharp criticism of the central bank’s performance in recent years.

As the transition continues, Federal Reserve Vice Chair Philip Jefferson will represent the central bank at the G7 Finance Ministers and Central Bank Governors meeting in Paris on Monday.

Source: Jinshi Data

Original: DeepChain TechFlow