Trump Criticizes Fed at Warsh Swearing-In
Kevin Warsh was sworn in as Federal Reserve chair on Friday. The ceremony was held at the White House East Room.
It was the first swearing-in held there since Alan Greenspan in 1987. Trump said the Federal Reserve had become "distracted" by climate policy and DEI programs.
He said these issues pulled the Fed away from its main job. Trump also criticized outgoing Fed chief Jerome Powell.
He had attacked Powell many times in the past. Yet Trump told Warsh to be independent.
He said "Don't look at me." Powell will stay at the Fed as a governor. He will still vote on the committee that sets interest rates.
Klear Note — The Federal Reserve sets interest rates and controls money supply. Its main job is managing inflation and employment, not climate or diversity policy.
Key Terms 3
- Federal Reserve The US central bank that controls interest rates and money supply
- DEI Diversity, Equity and Inclusion — workplace policies promoting equal treatment
- rate-setting committee Fed group that decides US interest rates affecting borrowing costs