▲ New Federal Reserve Chair Kevin Warsh delivers a speech during his swearing-in ceremony at the White House in Washington on May 22, 2026, in this photo released by Reuters. (Yonhap)
▲ U.S. President Donald Trump speaks during the swearing-in of Kevin Warsh as chairman of the Federal Reserve at the White House in Washington on May 22, 2026, in this photo released by the Associated Press. (Yonhap)
▲ Supreme Court Justice Clarence Thomas (R) swears in new Chairman of the Federal Reserve Kevin Warsh at the White House in Washington on May 22, 2026, in this photo released by AFP. (Yonhap)

(LEAD) new Fed chair-swearing in

(LEAD) Warsh sworn in as Fed chair; Trump says he wants him to be 'totally independent'

(ATTN: ADDS more info in paras 7-8, 12-16, 18-19)

By Song Sang-ho

WASHINGTON, May 22 (Yonhap) -- Kevin Warsh was sworn in as the new Federal Reserve chair on Friday, vowing to lead a "reform-oriented" central bank, as U.S. President Donald Trump said he wants Warsh to be "totally independent" in his leadership role.

Trump hosted the swearing-in ceremony at the White House, capping a period of tension marked by his repeated attacks on Warsh's predecessor, Jerome Powell, for not lowering interest rates.

"It's the honor of a lifetime to be called back into public service, and with this oath, I've accepted a high and solemn responsibility," he said after Supreme Court Justice Clarence Thomas performed the swearing-in.

He underscored his commitment to achieving the central bank's dual mandate to promote price stability and maximum employment with "independence and resolve."

"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 and, no less important, America's place in the world more secure," he said.

"To fulfill this mission, I 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."

Calling the current juncture a "time of great consequence," Warsh highlighted that his goal is "to create an environment in which the best people can do their life's best work, and to face every challenge in the spirit of common purpose and devotion to the national interest."

"These duties are now mine, Mr. President, because of the trust you have placed in me. I accept them with gratitude, and will strive every day to serve our fellow citizens well," he said.

Trump said Warsh will restore confidence in the central bank, stressing that he wants the new chair to be independent.

"I want Kevin to be totally independent. I want him to be independent and just do a great job," he said. "Don't look at me, don't look at anybody, just do your own thing and do a great job."

During his Senate confirmation hearing in April, Warsh voiced his strong support for the central bank's independence, while acknowledging that elected officials, including presidents, can express their views on interest rates without undermining the Fed's independence.

Trump expressed his expectation that the new Fed chair will look for "positive economic growth."

"It's so important, and as we discussed, economic growth doesn't mean inflation. It can just be the opposite, actually," he said.

The president made a thinly veiled criticism of the previous Fed chair, saying that the central bank "lost its way in recent years."

"It became distracted by concerns far removed from its core mission and mandate, drifting into matters such as climate policy and DEI initiatives," he said, referring to the initiatives promoting diversity, equity and inclusion under the previous administration.

Warsh is to serve as the Fed chair for a four-year term and concurrently serve as a Fed governor for a 14-year term.

He served as the Shepard Family Distinguished Visiting Fellow in Economics at Stanford University's Hoover Institution, and lecturer at the Stanford Graduate School of Business. He was a Fed governor from 2006-2011.

He received a bachelor's degree from Stanford University, and a J.D. from Harvard Law School.

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