Trump oversaw the swearing-in of Kevin Warsh as Federal Reserve chair in the White House East Room and said he would like Warsh’s help stimulating the economy. Trump previously criticized Jerome Powell for not cutting interest rates and argued that lower borrowing costs would boost growth. The ceremony’s location, rather than at the Fed, signaled Trump’s approval of Warsh’s leadership. War with Iran has pushed gas prices higher, unsettled financial markets, and increased inflation concerns, raising doubts about whether Warsh will follow Trump’s calls to lower rates. Trump said he expects Warsh to prioritize a strong economy and praised him for understanding that a booming economy is beneficial. Supreme Court Justice Clarence Thomas administered the oath, with other prominent officials attending.
"Trump spent months criticizing Warsh's predecessor, Jerome Powell, for being reluctant to cut interests rates, with the Republican president arguing that lower borrowing costs would provide an economic boost. By taking the unusual step of holding the ceremony in the East Room and not the Fed, Trump made clear his pleasure that Warsh is now in charge."
"The war with Iran has caused gas prices to spike, unsettled financial markets and driven inflation concerns across the economy. Those developments have led to recent doubts about whether Warsh might heed Trump's calls and push the Fed to lower rates. Still, Trump said he had faith that Warsh would prioritize a strong economy."
""Thankfully, unlike some of his predecessors, Kevin understands that when the economy is booming, it is, that's a good thing," the president said. Trump said it was not necessary "to go crazy. Just let it go. We want it to boom.""
""I expect he will go down as one of the truly great chairmen of the Federal Reserve that we've ever had," Trump said of Warsh. Republican President Ronald Reagan swore in Alan Greenspan as Fed chair at the White House in 1987. Republican President George W. Bush attended the 2006 ceremony at central bank headquarters when Ben Bernanke became chair."
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