When asked directly whether he works for President Donald Trump, Federal Reserve Chair Kevin Warsh gave the kind of answer central bankers have been rehearsing since the institution was founded in 1913. He said the Fed is independent and not political.
The declaration and what’s behind it
Warsh was sworn in as Fed Chair on May 22, 2026, after being nominated by President Trump on March 4, 2026. His path to the top of the central bank was closely watched by both traditional finance and crypto markets.
On July 1, 2026, Warsh made his position explicit. “We’re going to be an independent central bank at this moment and you’re going to see no changes to that,” he stated publicly.
Trump has been vocal about wanting cheaper borrowing costs, a position that puts any Fed chair in an awkward spot. Warsh’s predecessor Jerome Powell navigated similar pressure for years, often drawing public criticism from the president.