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Kevin Warsh Takes Office as Federal Reserve Chief
(MENAFN) Kevin Warsh officially assumed the role of Federal Reserve chair on Friday, marking the beginning of what US President Donald Trump described as a new phase for American economic policy, according to reports.
The appointment concludes months of debate surrounding Trump’s repeated calls for lower interest rates, an approach that outgoing Federal Reserve Chair Jerome Powell consistently resisted due to concerns about inflation. During the ceremony held in the East Room of the White House, Trump emphasized that Warsh should operate without political pressure.
"I want Kevin to be totally independent. I want him to be independent and just do a great job. Don't look at me, don't look at anybody, just do your own thing and do a great job," Trump said during the event.
Despite stressing the importance of the central bank’s independence, Trump again criticized Powell’s leadership of the Federal Reserve.
"Unfortunately, in the eyes of many, the Fed lost its way in recent years. It became distracted by concerns far removed from its core mission and mandate," he said.
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