Warsh sworn in as Fed chair at White House; Powell stays on as governor

Kevin Warsh was sworn in as Federal Reserve chair on May 22, 2026, with Justice Clarence Thomas administering the oath in the White House East Room. Jerome Powell chose to remain on the Board of Governors after his chair term ended, which is unusual for a former chair. Warsh has said he will lead a reform-oriented Fed, and inflation tied to the Iran war complicates the rate outlook.

• Swearing-in: May 22, 2026, White House East Room
• Oath administered by Justice Clarence Thomas
• Powell remains a Fed governor; his board term runs to January 2028