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Kevin Warsh Officially Sworn in as Chair of The Fed
Kevin Warsh has officially been sworn in as the new Chair of the United States Central Bank (The Fed) during the oath-taking ceremony at the White House on Friday (5/22). The 56-year-old man officially becomes the leader of the most influential institution in the world to replace Jerome Powell, whose term ended after leading since 2018. Warsh takes the helm of the central bank amid macroeconomic uncertainty caused by the US-Israel conflict with Iran, which has triggered a surge in energy prices and pushed domestic inflation to its highest level in three years.
In his first speech after being officially sworn in, Warsh openly signaled a major overhaul of the institution.
"I will lead the Federal Reserve toward a greater focus on reform. We must learn from past successes and mistakes, dare to break free from rigid models and frameworks, and continue to uphold clear standards of integrity and performance," Warsh emphasized.
As the new leader, Warsh cannot decide monetary policy unilaterally but must collaborate with the board of governors. Referring to the latest leadership structure after the inauguration, here is the list of the seven Federal Reserve Board members who will determine the future direction of US interest rates:
Kevin Warsh (Chairman)
Philip N. Jefferson (Vice Chair)
Michelle W. Bowman (Vice Chair for Supervision)
Michael S. Barr
Lisa D. Cook
Jerome H. Powell
Christopher J. Waller