Kevin Warsh Sworn In As Fed Chair As Trump Urges Independence
Kevin Warsh was sworn in as chairman of the Federal Reserve at a White House ceremony Friday at 10 a.m. Central, with President Trump urging him to be "totally independent." CBS
The ceremony was carried live by PBS.[1] Justice Clarence Thomas administered the oath in the East Room as Warsh placed his hand on a Bible held by his wife.[2]
Sen. Thom Tillis had said he would block Warsh's nomination while the Justice Department investigated Fed Chair Jerome Powell, but prosecutors dropped the probe in April.[1] Powell plans to remain on the Fed's Board of Governors and on the 12-member Federal Open Market Committee until he says the probe is "well and truly over." CBS That means he will participate in rate decisions under Warsh.[2]
Inflation has run above the Fed's 2 percent target for five years and price pressures recently accelerated partly because of spiking gasoline costs.[1] The Fed's interest-rate committee recorded its most dissenting votes in more than three decades at last month's meeting.[1] Investors using CME Group's FedWatch tool saw roughly a 52 percent chance that rates will be above current levels by year-end and did not expect a cut at the June meeting.[2]
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📌 Key Facts
- Kevin Warsh's swearing-in as chairman of the Federal Reserve took place on Friday, May 22, 2026, at 10 a.m. Central and was carried live by PBS News (Kevin Warsh's swearing-in).
- At the May 22, 2026 White House ceremony, President Trump publicly told Warsh, “I want Kevin to be totally independent… Don't look at me, don't look at anybody, just do your own thing and do a great job” (President Trump).
- Justice Clarence Thomas administered the oath in the East Room, and Warsh took the oath on a Bible held by his wife (Justice Clarence Thomas).
- Warsh's nomination had been in doubt after Sen. Thom Tillis said he would block it while the Justice Department investigated Fed Chair Jerome Powell, but the DOJ probe was dropped in April 2026 (Warsh's nomination).
- Jerome Powell plans to remain on the Fed's Board of Governors after his term as chair ends and will sit on the 12‑member Federal Open Market Committee — he says he will stay until he considers the DOJ probe “well and truly over,” meaning he will participate in rate decisions under Warsh (Powell plans to remain on the Fed Board).
- The Fed has run inflation above its 2% target for five years, and price pressures have recently accelerated partly because of spiking gasoline prices (inflation above its 2% target).
- The Fed's interest‑rate‑setting committee recorded its most dissenting votes in more than three decades at last month's meeting, and at the April 2026 FOMC meeting a majority of participants said a rate increase would likely be necessary if inflation stays above 2%, with three members objecting to language hinting at future cuts (the April 2026 FOMC meeting).
- As of May 22, 2026, investors using CME Group's FedWatch tool saw roughly a 52% chance that interest rates will be above current levels by year‑end and did not expect a cut at the June meeting (CME Group's FedWatch tool).
📰 Source Timeline (3)
Follow how coverage of this story developed over time
- CBS reports that at the May 22, 2026 White House ceremony, President Trump publicly told Warsh, 'I want Kevin to be totally independent... Don't look at me, don't look at anybody, just do your own thing and do a great job.'
- The article notes that Justice Clarence Thomas administered the oath in the East Room, with Warsh taking it on a Bible held by his wife.
- CBS details Trump's past public pressure on the Fed, including branding Powell a 'numbskull,' 'stubborn mule' and 'moron' while pushing for rapid rate cuts.
- The piece reiterates that Powell alleges the now-closed DOJ criminal probe was launched to intimidate him, and notes prosecutors closed the investigation last month after the Fed's internal watchdog took it over.
- CBS emphasizes that Powell plans to remain on the Fed's Board of Governors — and thus on the 12-member Federal Open Market Committee — until he decides the DOJ probe is 'well and truly over,' meaning he will participate in rate decisions under Warsh.
- The article highlights that at the April 2026 FOMC meeting a 'majority' of participants believed a rate increase would likely be necessary if inflation stays above 2%, and three members objected to language hinting at future cuts.
- CBS cites CME Group's FedWatch tool showing investors as of May 22, 2026 see roughly a 52% chance that interest rates will be above current levels by year-end, and do not expect a cut at the June meeting.
- PBS reports that Kevin Warsh's swearing-in as Federal Reserve chair is scheduled for Friday, May 22, 2026, at 11 a.m. Eastern time, and carries it live.
- The article notes that Warsh's nomination had been in doubt after Sen. Thom Tillis said he would block it while the Justice Department investigated Fed Chair Jerome Powell, but the probe was dropped in April 2026.
- PBS emphasizes that Powell plans to remain on the Fed Board after his term as chair ends, potentially creating what it describes as a competing power center.
- The piece highlights that the Fed has seen inflation above its 2% target for five years and that price pressures have recently accelerated because of spiking gasoline prices.
- PBS reports that the Fed's interest-rate-setting committee recorded the most dissenting votes in more than three decades at its meeting last month.