President Donald Trump will formally swear in Kevin Warsh as the next chair of the Federal Reserve during a White House ceremony on Friday, according to CNBC.
Warsh’s appointment follows a Senate confirmation vote last week that largely split along party lines. He will replace Jerome Powell, whose term officially expired Friday. Powell will remain temporarily in the role until the transition is completed.
President Trump will swear in Kevin Warsh as the next chairman of the US Federal Reserve on Friday, a White House official said https://t.co/k3tMLONigB pic.twitter.com/rCrZM1e92E
— Reuters (@Reuters) May 18, 2026
At 56, Warsh will become the 11th Federal Reserve chair in the modern era. The report said he is also expected to become the wealthiest person ever to hold the position, based on financial disclosures filed during the confirmation process. He will reportedly divest major investments to comply with updated ethics rules for Fed officials.
Trump has pushed for lower interest rates, but markets remain cautious as inflation stays elevated and the labor market remains stable, complicating expectations for future rate cuts.
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