Kevin Warsh has officially been sworn in as the new Federal Reserve Governor on Friday in the United States, succeeding Jerome Powell for a four-year term.
Warsh, the apex bank's 17th chair, took his oath in the White House in front of Supreme Court Justice Clarence Thomas, who administered the oath of office.
In his first remarks as the Fed chair, Kevin Warsh says he will lead a “reform-oriented Federal Reserve,” harking back to his call for “regime change” while he was a nominee for the position.
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Warsh was Trump's top pick to replace Jerome Powell, whom he has repeatedly attacked for not cutting key lending rates. Here is everything else you need to know about the new Chair of the Federal Reserve —
Who Is Kevin Warsh?
A Fed veteran, Warsh earlier served during the critical period from 2006 to 2011, spanning the global financial crisis as well as the Central bank's efforts to stabilise the economy. Appointed by President George W Bush, Warsh was among the youngest individuals ever to serve on the Fed's Board of Governors.
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Warsh completed his graduation from Stanford University. He then earned a law degree from Harvard. Before becoming a part of Fed, he was in investment banking at Morgan Stanley. He served in the White House during the Bush administration as a special assistant to the President on economic policy.
In recent times, Warsh has aligned closely with Trump's views on lower interest rates. But he remains popular for his hawkish monetary stances and could hold rates steady if inflationary pressures mount.
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Looked upon as an advocate of tighter monetary policy, Warsh is considered less radical than his counterparts, such as Kevin Hassett, Christopher Waller and Rick Rieder.
Notably, this is not the first time when he has been linked to the position of Federal Reserve chairman. He had come close to being nominated back in 2017, when he lost the race to Powell.
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