Kevin Warsh will officially take charge of the Federal Reserve on Friday as he will be sworn in as the next Fed chair at a White House ceremony hosted by President Donald Trump, Fox News’s Edward Lawrence reported.
Reuters then reported, citing unnamed White House officials, that Trump will not only host the ceremony but will also swear Warsh in as Fed chair, breaking with some recent norm for the US central bank.
In the last few decades, a new Fed chair swearing-in was administered by a vice chair of the Fed in a ceremony held inside the Fed.
For example, Powell was sworn in by then-Vice Chairman of Supervision Randal K. Quarles in February 2018 in the Fed board room.
Janet Yellen’s swearing-in ceremony was held in the Federal Reserve building and the oath was administered by Fed governor Daniel K. Tarullo in February 2014, as Yellen herself was the Vice Chair and her ultimate replacement Stanley Fischer only took the role in June the same year.
Ben Bernanke was sworn in by then Vice Chairman Roger Ferguson in February 2006 at a ceremony hosted at the Federal Reserve building; President George W. Bush attended that event and gave a speech after Bernanke took his oath.
Nonetheless, White House swearing-in ceremony was not uncommon. In 1987, Alan Greenspan was sworn in at a White House event in the presence of President Ronald Reagan and the oath was administered by then Vice President George H.W. Bush.
For Paul Volcker, his August 1979 swearing in event was hosted by President Jimmy Carter at the East Room at the White House. His oath was administered by Judge Leon Higginbotham, then a judge at Court of Appeals for the Third Circuit.
