President Trump delivered remarks at Federal Reserve Chairman Kevin Warsh’s swearing-in ceremony on Friday, where he laid out his vision for massive economic growth and cooling inflation with the new Chairman “totally independent” of the White House.
The President spoke for nearly 23 minutes before Warsh was sworn in by Supreme Court Justice Clarence Thomas.
During his remarks, Trump spoke about what he expects from the new Fed Chair, taking jabs at former Chairman Jerome Powell and declaring that Warsh’s policies will “restore confidence” by focusing on price stability, low inflation, and achieving full employment.
Despite speculation that Warsh would face intense pressure from Trump as Chairman, Trump told Warsh and the crowd at the White House, “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.”
“I fully expect that with the greatest Fed chairs before him, Kevin will safeguard the Fed’s integrity. They’ll make their own decisions and hopefully make them well, but they’ll be listening to Kevin all the way. I really believe that, even if they’re from a somewhat different persuasion, they’re going to be listening to him out of respect, because everybody respects him,” Trump added.
“Unfortunately,” he said, under Jerome Powell, the Fed has lost its respect and integrity, “distracted by concerns far removed from its core mission and mandate, drifting into matters such as climate policy and DEI initiatives.”
“With the Fed straying from its mandate, while the last administration blew out the deficit, Americans suffered the worst inflation that we had in history,” Trump continued.
But, Warsh “will restore confidence in the Fed, which is so important, and among Americans all across the political spectrum, and people from all over the world, and they’re going to be looking to Kevin, probably, and possibly more than any other person that’s had your esteemed position before,” he said.
“Thankfully, unlike some of his predecessors,” Trump said in reference to Jerome Powell, “Kevin understands that when the economy is booming, it is— that’s a good thing.” He continued, “We want it to boom, we want it to be like nobody has ever had before, because we do have some debt we’d like to take care of, and the way you do that is through growth.”
“But economic growth does not mean inflation. You don’t have to stop the world because you’re doing well. Kevin’s also said that he’ll bring much-needed reform and modernization, transforming obsolete data collection methods, rolling back reliance on inaccurate models, and curtailing the Fed’s practice of issuing so-called forward guidance. ”
Source: The Gateway Pundit
