Kevin Warsh officially took the oath of office at the White House, becoming the 17th Chair of the U.S. Federal Reserve Board, succeeding former Chair Jerome Powell. On the same day, the Federal Open Market Committee (FOMC) unanimously elected Warsh as Chair. U.S. President Trump attended and presided over the inauguration ceremony held in the East Room, with Supreme Court Justice Clarence Thomas administering the oath. Warsh’s term as Chair will last until May 21, 2030, while his term as a Federal Reserve Board Governor will extend until January 31, 2040. With Powell’s term as Chair ending on May 15, the #PowellEra marked by the fight against “40-year high inflation” has come to a close. Powell will continue to serve as a Federal Reserve Board Governor.