WASHINGTON, D.C. — President Donald Trump oversaw the swearing-in of Kevin Warsh as Federal Reserve chair in the East Room of the White House on Friday, urging the new central bank leader to be "totally independent" while calling for measures to stimulate the economy. Supreme Court Justice Clarence Thomas administered the oath of office.

The ceremony was the first time the White House had been used to swear in a Federal Reserve chair since Alan Greenspan in 1987, rather than the Federal Reserve headquarters. House Speaker Mike Johnson, Justice Brett Kavanaugh, CIA Director John Ratcliffe and Cabinet members attended.

"Honestly, I really mean this. This is not said in any other way: I want Kevin to be totally independent," Trump said during the ceremony. "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."

Trump said he would like Warsh's help in stimulating the economy while emphasizing that the Federal Reserve would remain independent. He called on Warsh to let the economy boom during his tenure and said support for an immediate reduction in U.S. borrowing costs would be a requirement for anyone to be considered for the job. He also said the Fed had become distracted by issues unrelated to its core purposes, straying into areas such as climate change and diversity, equity and inclusion, and had lost its way in recent years under President Joe Biden. He added that no one in America is better prepared to lead the Fed.

Warsh, a former Wall Street banker, vowed to lead a reform-oriented Federal Reserve, learning from past successes and mistakes, escaping static frameworks and upholding clear standards of integrity and performance. He told Trump he believes "these years can bring unmatched prosperity that will raise living standards for Americans from all walks of life" and that the Fed has something to do with it.

"I expect he will go down as one of the truly great chairmen of the Federal Reserve that we've ever had," Trump said at the ceremony.

Warsh succeeds Jerome Powell, whose term as Federal Reserve chair ended last week. Powell opted to remain on the Federal Reserve Board. Trump spent months criticizing Powell for being reluctant to cut interest rates, arguing that lower borrowing costs would boost the economy.

The Federal Reserve's target interest rate was held at between 3.5% and 3.75% in April, and the central bank delayed expected rate cuts as it weighed the impact of the war with Iran on inflation. The conflict caused gas prices to spike and unsettled financial markets. Economists expect the Fed to keep its interest rate at the current level for the rest of 2026, with some forecasting an increase.

Warsh has said productivity gains from artificial intelligence will help the economy grow without spurring inflation, enabling the Fed to reduce borrowing costs. Many Federal Reserve officials disagree that artificial intelligence development will support interest rate cuts because the technology has been blamed for layoffs in the computer sector and other parts of the economy.

Senator Elizabeth Warren warned that Warsh would be little more than a sock puppet for Trump.