“Unmatched prosperity…” Kevin Warsh’s first address as Chairperson of Federal Reserve

Added: 2026-05-23

[00:00:00]Thank you, Mr. President. This is above and beyond.

[00:00:04]It is such an honor for Jane and me to have this ceremony here in the East Room with you, sir.

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

[00:00:15]And I am grateful. I recognize, as the President said, that ours is a time of great consequence.

[00:00:22]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, a brilliant and independent thinker, a man dedicated to our Constitution, and no less important, a joyful and collegial presence on our highest court, my esteemed friend, Justice Clarence Thomas.

[00:00:45]>> [applause] [applause] >> Now, Justice Kavanaugh is here as well.

[00:01:00]Uh we served as young staffers a full generation ago in this building, and I shouldn't be speaking for another justice, but I will tell you something that I always felt, that Justice Kavanaugh and I felt the majesty of this place where we're now sitting.

[00:01:16]And we counted ourselves blessed and grateful to serve the nation we love and to do it in your building, sir.

[00:01:24]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.

[00:01:35]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.

[00:01:49]It's the honor of a lifetime to be called back into public service.

[00:01:54]And with this oath, I've accepted a high and solemn responsibility.

[00:02:00]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."

[00:02:13]I've known five of my predecessors in this job, some of them quite well.

[00:02:18]But Chairman Greenspan was the first to tell me and show me what this role demands.

[00:02:26]He recently marked his 100th birthday and although he can't be here, I'm thinking about him today, too.

[00:02:34]Like Alan, I intended to fill I intend to fill the role of chairman with energy and purpose, just the way Chairman Greenspan did, faithful to the mission and the very best traditions of the Fed.

[00:02:49]As you demonstrate, Mr. President, every day, energy and purpose are how big obstacles are overcome.

[00:02:58]Your greatest ambitions are for America, for what free people can achieve when they have the chance.

[00:03:06]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.

[00:03:19]And the Fed has something to do with it.

[00:03:23]Our mandate at the Fed is to promote price stability and maximum employment.

[00:03:29]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.

[00:03:45]And no less important, America's place in the world more secure.

[00:03:50]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.

[00:04:07]Today marks a return to an institution that I do in fact cherish.

[00:04:12]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.

[00:04:24]My goal now is to create an environment in which the best people can do their life's best work, and to face every challenge in the spirit of common purpose and devotion to the national interest, in a word, to excellence.

[00:04:41]These duties are now mine, Mr. President, because of the trust you have placed in me.

[00:04:47]I accept them with gratitude and will strive every day to serve our fellow citizens well.

[00:04:54]And in final, I'll just say I'm going to look around and try to hold on to this special moment, but after we leave this stage, the real work begins. So, let's begin that work.

[00:05:05]It's an honor. Thank you again, Mr. President.

[00:05:09]>> [applause] [applause]