{"id":3201,"date":"2026-05-22T23:42:18","date_gmt":"2026-05-22T23:42:18","guid":{"rendered":"https:\/\/storylifedaily.com\/?p=3201"},"modified":"2026-05-22T23:42:18","modified_gmt":"2026-05-22T23:42:18","slug":"trump-pick-kevin-warsh-sworn-in-as-fed-chair-what-it-means-for-you","status":"publish","type":"post","link":"https:\/\/storylifedaily.com\/?p=3201","title":{"rendered":"Trump pick Kevin Warsh sworn in as Fed chair. What it means for you"},"content":{"rendered":"

\"\"<\/p>\n

Kevin Warsh was sworn in for a four-year term as chair of the Federal Reserve, a role that will grant him outsized influence over interest rates and the direction of the U.S. economy at a consequential moment.<\/p>\n

The 56-year-old former finance executive and adviser to President George W. Bush was sworn in on May 22. He previously served on the Fed\u2019s Board of Governors from 2006 to 2011 \u2014 a period when the central bank had to navigate the fallout from the 2008 financial crisis. He rejoins the Fed, whose goal is stable prices and maximum employment, at a time when\u00a0inflation is surging<\/a>\u00a0as a result of the Iran war and concerns linger about stagnation in\u00a0the job market<\/a>\u00a0outside select industries.<\/p>\n

“It’s\u00a0the honor of a lifetime to be called back into public service, and with this oath,\u00a0I\u2019ve\u00a0accepted a high and solemn responsibility,” Warsh said during a ceremony at the White House. “My goal now is to create an environment in which the best people can do their life\u2019s best work, and to face every challenge in the spirit of common purpose and devotion to the national interest. In a word, to excellence.”<\/p>\n

Warsh replaces Jerome Powell, who has served as Fed chair since 2018 and who said he intends to keep\u00a0\u201ca low profile\u201d<\/a>\u00a0as a Fed governor after Warsh was confirmed. President\u00a0Donald Trump<\/a>\u00a0nominated Powell<\/a>\u00a0to his first term as chair in 2017. By the following year, the president was criticizing him, telling the Washington Post he was\u00a0\u201cnot even a little bit happy\u201d<\/a>\u00a0with his appointment. In his second term, Trump has pressured the Fed to lower its benchmark interest rate and\u00a0acted to exert influence<\/a>\u00a0over the central bank, prompting concerns about the institution\u2019s independence.<\/p>\n

At the ceremony, Trump said he expects Warsh will go down as one of the Fed’s “truly great” chairs and that his nominee will have “full support” from his administration.<\/p>\n

 <\/p>\n

“Honestly, I really mean this. This is not said in any other way. 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,” Trump said.\u00a0“Thankfully, unlike some of his predecessors, Kevin understands that when the economy is booming, that’s a good thing.”<\/p>\n

\"WASHINGTON,<\/p>\n
<\/div>\n<\/figure>\n