Kevin Warsh Sworn In as Fed Chair; Trump Urges Independence and Economic Prosperity

(CNA, Washington, May 22) US President Donald Trump stated today that he hopes new Federal Reserve Chair Kevin Warsh will act with complete independence, while simultaneously urging the new central bank chief to ensure the economy "flourishes" during the swearing-in ceremony. According to AFP, Trump said at the White House ceremony: "I mean it, I really mean it. I want Kevin to be completely independent. I want him to stay independent, just do the job... don't look at me, don't look at anyone, do it your way, get it done." However, Trump immediately indicated the direction he believes Warsh should take, claiming the Fed has "gone off track in recent years." He said: "Kevin understands that when the economy is flourishing, that's a good thing. We want to curb inflation, but we don't want to kill economic achievements... we have to go all out, let the economy flourish. We want strong growth." After being sworn in, Warsh noted: "To fulfill this mission, I will lead the Fed in reforms, drawing on past successes and failures, not limited by rigid structures and models, while adhering to clear standards of integrity and performance." He called on central bank officials to pursue policy goals with "wisdom, clear judgment, independence, and determination." Warsh added: "If we can do this, inflation can be lower, economic growth can be stronger, real wages for the people can be higher, and the United States can be more prosperous."