‘I want an independent Fed’: Trump swears in Kevin Warsh after dramatic power struggle with Powell

Added: 2026-05-25

[00:00:00]That I will support and defend the Constitution of the United States.

[00:00:04]>> That I will support and defend the Constitution of the United States.

[00:00:07]Against all enemies, foreign and domestic.

[00:00:11]>> Against all enemies, foreign and domestic. That I will bear true faith and allegiance to the same.

[00:00:17]>> That I will bear true faith and allegiance to the same.

[00:00:21]It's an honor and today I'm thrilled to welcome you to the White House, the most beautiful building. I love this building. We fix it up all the time.

[00:00:29]That's the real estate business in me.

[00:00:31]And it's in tippy-top shape, finally.

[00:00:34]But for the swearing-in of our new chairman of the Federal Reserve Board of Governors, Kevin Warsh.

[00:00:43]>> [applause] [applause] [applause] >> And I expect he will go down as one of the truly great chairmen of the Federal Reserves uh that we've ever had. I really believe that. I think he's uh he's got abilities that very few people have. That covers a lot of territory and he's respected by everybody and that's so important in that position. Congratulations to Kevin.

[00:01:22]No one in America is better prepared to lead the Federal Reserve than Kevin Warsh. Kevin received a degree in public policy from Stanford University and then earned a JD from Harvard Law School. He studied under the renowned economist Milton Friedman and was mentored by the legendary Secretary of the Treasury and Secretary of State George Shultz. All legendary names, really.

[00:01:47]Kevin has worked at the highest levels of the financial world as an executive in the private sector. He did very well and he served at the highest reaches of government as a senior economic advisor in the White House. He knows the White House very well. He's walking through the White House. He's pointing things to me that I didn't even know.

[00:02:08]At the age of 35, he became the youngest ever Federal Reserve governor. For the past 15 years, Kevin has been a fellow at Stanford's Hoover Institution, and his credentials really are second to none when you hear them, and there's plenty more.

[00:02:22]I know that Kevin has the deepest respect and reverence for the institution he will lead starting today.

[00:02:30]We're so lucky to have him.

[00:02:33]The Federal Reserve is a pillar of the world financial system and the most important central bank anywhere in the world with a history stretching back more than 100 years. It is truly the institution that's most looked to and most respected, and it's now taken on a new a new and even higher respect in my opinion. And honestly, I really mean this. This is not said in any other way.

[00:02:58]I want Kevin to be totally independent. I want him to be independent and just do a great job.

[00:03:04]Don't look at me. Don't look at anybody.

[00:03:05]Just do your own thing and do a great job. Okay?

[00:03:09]>> [applause] >> By following through on this vision, Kevin will restore confidence in the Fed, which is so important and among Americans all across the political spectrum and people from all over the world, and they're going to be looking to Kevin uh probably and possibly more than any other person that's had your esteemed position before. I think that's true, Kevin. You got a lot of people watching.

[00:03:36]I fully expect that with the greatest Fed chairs before him, Kevin will safeguard the Fed's integrity. They'll make their own decisions and hopefully make them well, but they'll be listening to Kevin all the way. I really believe that, even if they're from a somewhat different persuasion. they're going to be listening to him out of respect cuz everybody respects him.

[00:03:57]Thankfully, unlike some of his predecessors, Kevin understands that when the economy is booming, it is uh that's a good thing.

[00:04:05]We don't have to go crazy. Just let it boom. We want it to boom. We want it to be like nobody has ever had before because we do have some debt we'd like to take care of. And the way you do that is through growth. We're going to grow our way out of it so fast. And uh Kevin's somebody and I feel strongly also we don't want to see it stifled. We want to stop inflation, but we don't want to stop greatness.

[00:04:28]And so, that's really a very good thing, a very positive thing, and that's what he's looking to do. He's looking to do positive economic growth. It's so important. And as we discussed, economic growth doesn't mean inflation. It can be just the opposite, actually. But economic growth does not mean inflation.

[00:04:46]You don't have to stop the world because you're doing well.

[00:04:50]Kevin's also said that he'll bring much-needed reform and modernization, transforming obsolete data collection methods, rolling back reliance on inaccurate models, and curtailing the Fed's practice of issuing so-called forward guidance. They want to do things on that. I guess it's a little complex subject, but it's something that Kevin knows about better than probably anybody here.

[00:05:14]He has the temperament and leadership abilities to force to collaboration among the entire board, and I know he will welcome robust debate in his mission to keep prices stable and employment high. Kevin will have the full support of my administration. Every one of these people felt, including Kevin, by the way, felt so strongly about this choice.

[00:05:35]And uh we have no doubt that we have absolutely no doubt. So important, too.

[00:05:40]So big, so important. I just turned [snorts] on the television. I want to see how the stock market's doing today.

[00:05:46]Stock market's up 600 points. That means they like you.

[00:05:51]If they didn't like you, >> [applause] >> It's actually up to 50,702.

[00:06:02]So, that's as of about 12 minutes ago.

[00:06:04]Now, who knows, but I think it can only go up. I think with you, it's only going to go up. That was a a number that nobody thought was reachable during my entire 4 years. If you look at some of the great pundits, they said, "Well, 50,000 would be impossible during the 4 years, but sometime after it." We hit it in the first year, but now we're really heading it.

[00:06:23]And think of it, it's up to 50,702.

[00:06:28]And S&P likewise set a new record today.

[00:06:30]They both set new records today, and boy, that's something good. But, you're going to bring it to a much different level, believe me. It's as it's good, but it can go much better, and that's what I think. Nobody's ever seen anything like it, and I have to say I have to give the the credit to what used to I used to say was my favorite word, my favorite word of all, but I got in such trouble because when I said "Tariff is my favorite word," the media went crazy. They said, "What about your wife, your family? What about God?

[00:06:59]What about religion?" So, I said, "Okay, good. I'll make it my fifth favorite word."

[00:07:04]Right?

[00:07:05]But, because of tariffs, we have tremendous amounts of I mean, the car companies are all coming back. They left us for 35, 40 years. They left us.

[00:07:15]Uh chip, we will have 50% of the chip making capability of who that man right there is. Now, stand up, will you, please? But, is that right? We're going to have 50% by the time I leave office, and maybe more than that. They're moving in from Taiwan, they're moving in from other places, and they're building in Arizona in particular in that particular case. But, between the auto plants, we have more auto plants under construction now than we've ever had before. We went many years, and there was no plant built. And it's all due be- to what we did with tariffs. I guess November 5th, but all because of the tariffs and what they've done, used properly, used judiciously. So, it's really something special. So, we have all this all these plants under construction. The support and strong and wise chairmanship at the Federal Reserve so important.

[00:08:03]America's future will truly be unlimited with Kevin with Kevin at the helm. And he's off to an incredible start with his family, with his education, with his background, with all of the things he's done. He's respected by everybody. So important is to have that level of respect where you can walk into a room and people will listen to you as opposed to walking into a room and not having that kind of uh persona. He has a persona like nobody else. So, I just want to say congratulations, Chairman Walsh. You are really a special person in getting this job. Uh the people that wanted this job, the most highly trained, highly educated, the some of the greatest credentials I've ever seen. And as far as I'm concerned, nobody was even close.

[00:08:48]And I just want to congratulate you. And I'd like to ask if I might, Jane, to step forward. And our very highly respected Justice Clarence Thomas to come up and swear in give him a good oath if you would because we Clarence, we need a really good oath delivered here.

[00:09:07]Okay? Thank you very much. Thank you.

[00:09:10]>> [applause] >> I do solemnly swear I Kevin Walsh do solemnly swear that I will support and defend the Constitution of the United States that I will support and defend the Constitution of the United States against all enemies, foreign and domestic against all enemies, foreign and domestic that I will bear true faith and allegiance to the same that I will bear true faith and allegiance to the same.

[00:09:40]That I take this obligation freely. That I take this obligation freely. Without any mental reservation or purpose of evasion.

[00:09:49]>> Without any mental reservation or purpose of evasion.

[00:09:53]And that I will well and faithfully discharge And that I will well and faithfully discharge the duties of the office on which I'm about to enter. The duties of the office upon which I'm about to enter. So help me God. So help me God.

[00:10:12]>> [applause] [applause] [applause] [applause] [applause] [applause] [applause] [applause] [applause] >> Uh thank you, Mr. President. This is above and beyond.

[00:11:08]It is such an honor for Jane and me to have this ceremony here in the East Room with you, sir.

[00:11:14]I couldn't ask for a more beautiful setting or more gracious welcome.

[00:11:19]And I am grateful. I recognize, as the President said, that ours is a time of great consequence.

[00:11:25]It's also a great honor for me to have the oath of office administered by one of the great and longest-serving public servants.

[00:11:33]A brilliant and independent thinker.

[00:11:36]A man dedicated to our Constitution and no less important, a joyful and collegial presence on our highest court.

[00:11:45]My esteemed friend, Justice Clarence Thomas.

[00:11:49]>> [applause] [applause] >> Now, Justice Kavanaugh is here as well.

[00:12:03]Uh we served as young staffers a full generation ago in this building.

[00:12:09]And I shouldn't be speaking for another justice, but I will tell you something that I always felt.

[00:12:14]That Justice Kavanaugh and I felt the majesty of this place where we're now sitting.

[00:12:20]And we counted ourselves blessed and grateful to serve the nation we love and to do it in your building, sir.

[00:12:27]And of course, I must thank uh Leader Thune, Chairman Tim Scott, and his fellow members of the Banking Committee who saw me through the Senate confirmation.

[00:12:38]My whole family and I are joined by many others here today, whom I'm honored to call friends and colleagues, mentors, confidants. Their presence means a lot to me and I think it means a lot to the president, too.

[00:12:53]It's the honor of a lifetime to be called back into public service.

[00:12:57]And with this oath I've accepted a high and solemn responsibility.

[00:13:03]At the swearing in of Alan Greenspan at this very place in 1987, President Ronald Reagan called the chairmanship of the Federal Reserve a quote great role in American life.

[00:13:17]I've known five of my predecessors in this job, some of them quite well.

[00:13:22]But Chairman Greenspan was the first to tell me and show me what this role demands.

[00:13:29]He recently marked his 100th birthday, and although he can't be here, I'm thinking about him today, too.

[00:13:38]Like Alan, I intended to fill I intend to fill the role of chairman with energy and purpose, just the way Chairman Greenspan did.

[00:13:47]Faithful to the mission and the very best traditions of the Fed.

[00:13:52]As you demonstrate, Mr. President, every day, energy and purpose are how big obstacles are overcome.

[00:14:01]Your greatest ambitions are for America, for what free people can achieve when they have the chance.

[00:14:09]And while I'm not naive about the challenges we face, I believe, Mr. President, these years can bring unmatched prosperity that will raise living standards for Americans from all walks of life.

[00:14:23]And the Fed has something to do with it.

[00:14:26]Our mandate at the Fed is to promote price stability and maximum employment.

[00:14:32]When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous.

[00:14:48]And no less important, America's place in the world more secure.

[00:14:53]To fulfill this mission, I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes both, escaping static frameworks and models, and upholding clear standards of integrity and performance.

[00:15:10]Today marks a return to an institution that I do, in fact, cherish.

[00:15:15]It was nearly a generation ago, at another time of great consequence, that I worked with some outstanding public servants at the Fed, both here in Washington and at the Reserve Banks.

[00:15:28]My goal now is to create an environment in which the best people can do their life's best work.

[00:15:34]And to face every challenge in the spirit of common purpose and devotion to the national interest, in a word to excellence.

[00:15:44]These duties are now mine, Mr. President, because of the trust you have placed in me.

[00:15:50]I accept them with gratitude and will strive every day to serve our fellow citizens well.

[00:15:58]And in final, I'll just say I'm going to look around and try to hold on to this special moment.

[00:16:03]But after we leave this stage, the real work begins. So, let's begin that work.

[00:16:08]It's an honor. Thank you again, Mr. President.

[00:16:12]>> [applause] [applause] [applause]