Washington: Kevin Warsh was sworn in as the new Federal Reserve chair on Friday, committing to lead a "reform-oriented" central bank. U.S. President Donald Trump emphasized his desire for Warsh to maintain "total independence" in his leadership role during the ceremony.

According to Yonhap News Agency, the swearing-in took place at the White House, concluding a period characterized by Trump's frequent criticisms of Warsh's predecessor, Jerome Powell, over interest rate policies. After Supreme Court Justice Clarence Thomas conducted the ceremony, Warsh expressed his sense of duty, stating, "It's the honor of a lifetime to be called back into public service, and with this oath, I've accepted a high and solemn responsibility."

Warsh highlighted his dedication to the Federal Reserve's dual mandate of promoting price stability and maximum employment. He remarked, "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 and no less important, America's place in the world more secure." Furthermore, Warsh pledged to lead a reform-oriented Federal Reserve, building on both previous achievements and lessons learned from past mistakes.

President Trump conveyed his confidence in Warsh's ability to restore trust in the central bank, underscoring his wish for Warsh to operate independently. Trump stated, "I want Kevin to be totally independent. I want him to be independent and just do a great job." He further advised, "Don't look at me, don't look at anybody, just do your own thing and do a great job."

Warsh is set to serve a four-year term as the Federal Reserve chair while simultaneously holding a 14-year term as a Fed governor.