U.S. President Donald Trump will swear in Kevin Warsh as the chair of the Federal Reserve on Friday at the White House, the Trump administration said.
Warsh was confirmed in a near party-line vote on May 13. He succeeds Jerome Powell as chair, though Powell's term as a Fed governor extends through January 2028.
Warsh, 56, will serve a four-year term as chair and a 14-year term as a Fed governor. Trump selected him as a bulwark against further rate hikes.
He takes office as fellow governors contemplate raising rates to tame inflation from Trump's war on Iran. Minutes from the Fed's April 28-29 meeting showed many policymakers felt "some policy firming would likely become appropriate" if inflation persists.
Warsh was passed over for the role in 2017. A Fed governor from 2006 to 2011, he was the youngest at 35 when appointed by George W. Bush.
He faces intense scrutiny as chair. Trump clashed with Powell for not cutting rates, calling him "Too Late" and a "jerk."
The Trump administration suggested the Fed should be less independent. Warsh at hearings embraced similar policies but said he would maintain autonomy.
Fed Governor Stephen Miran will leave on or before Warsh is sworn in. Miran stayed longer while prosecutors investigated Powell over a renovation cost. The probe was dropped in April.
