Kevin Warsh sworn in as new Fed chair, replacing Powell

Politics Kevin Warsh sworn in as new Fed chair at White House, replacing Powell By Joe Walsh Joe Walsh Senior Editor, Politics Joe Walsh is a senior editor for digital politics at CBS News. Joe previously covered breaking news for Forbes and local news in Boston. Read Full Bio Joe Walsh Updated on: May 22, 2026 / 12:11 PM EDT / CBS News Add CBS News on Google Washington — Kevin Warsh was sworn in as the chairman of the Federal Reserve on Friday, taking the reins of the central bank from Jerome Powell after a ceremony at the White House.President Trump introduced Warsh in the White House East Room, addressing a crowd that included Supreme Court justices, members of Congress, Cabinet members and business leaders. Justice Clarence Thomas swore Warsh into office. He took the oath on a Bible held by his wife."Honestly, I really mean this, this is not said in any other way, I want Kevin to be totally independent," Mr. Trump said. "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, OK?" The president said he thinks Warsh "will go down as one of the truly great chairmen of the Federal Reserve that we've ever had," adding that he has "abilities that very few people have" and is "respected by everybody." Kevin Warsh arrives for his swearing-in ceremony as Fed chair in the East Room of the White House on May 22, 2026. Anna Moneymaker / Getty Images Mr. Trump hasn't been shy about his goals for the Federal Reserve. Over the last year, he has pushed the central bank to rapidly slash interest rates, and he's attacked Powell relentlessly for lowering rates at a slow and cautious clip. Lower rates could boost economic growth and cut borrowing costs, but they could also cause inflation to resurge.The president branded Powell a "numbskull," a "stubborn mule" and a "moron," and openly flirted with firing him. Powell alleged that the Justice Department launched a criminal investigation in...