Warsh Sworn In as New US Federal Reserve Chair, Replacing Powell

Kevin Warsh Sworn In As New Federal Reserve Chair

Former U.S. Attorney General Kevin Warsh has been officially sworn in as the new chair of the United States Federal Reserve, replacing Jerome Powell following a contentious confirmation process.

Warsh, 56, took his oath on Friday after lawmakers voted largely along party lines to approve his appointment to both the Federal Reserve Board and the role of chairman.

His appointment comes amid mounting political pressure over interest rates and inflation.

During the ceremony, President Donald Trump urged Warsh to remain independent in his duties, emphasizing he should focus solely on doing a great job.

Democratic Senator Elizabeth Warren had previously accused Warsh during confirmation hearings of being a “sock puppet” for Trump, an allegation Warsh denied.

The new Fed chair will oversee monetary policy at a time when inflation remains elevated.

Consumer prices rose 3.8 percent annually in April, according to the latest figures from the Bureau of Labor Statistics, while petrol prices have surged following conflict involving Iran.

Warsh said after being sworn in that he was not naive about the economic challenges facing the country and insisted inflation could fall while economic growth remained strong.