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WASHINGTON: New US Federal Reserve chair Kevin Warsh vowed to be “reform-oriented” as he was sworn in at the White House on Friday, with President Donald Trump insisting the central bank chief would be “totally independent.”
Trump has exerted unprecedented pressure on the central bank to reduce interest rates, attempting to fire a Fed governor and pursuing a criminal probe against Warsh’s predecessor Jerome Powell.
“I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models, and upholding clear standards of integrity and performance,” Warsh said.
He called for central bankers to pursue their goals “with wisdom and clarity, independence and resolve,” adding that “inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous” if they did so.
