Kevin Warsh sworn is as new chair of Federal Reserve in White House ceremony

Kevin Warsh taking the Oath of Office from Supreme Court Justice Clarence Thomas.

Kevin Warsh was sworn in Friday at the White House as the new chair of the Federal Reserve, replacing Jerome Powell who had crashed with President Trump since he returned to office last January. 

Warsh was sworn in by Supreme Court Justice Clarence Thomas, who administered the Oath of Office, and became the first Fed chair to be sworn in at the White House in nearly 40 years -- going all the way back to the Reagan administration. Alan Greenspan was sworn in by then-Vice President George H.W. Bush in 1987, according to Marketwatch. The 56-year-old Warsh is now the 11th chair of the Federal Reserve in the modern banking era, CNBC reported. 

“Our mandate at the Fed is to promote price stability and maximum employment,” Warsh said in his remarks after being sworn in. “To fulfill this mission, I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models, and upholding clear standards of integrity and performance," he added.

Warsh is succeeding Powell, who will remain on the Federal Reserve Board of Governors, an unusual arrangement that hasn't happened in 80 years. Leading the Federal Reserve will be Warsh's second tenure with the central bank. He served on the Board of Governors from 2006 to 2011, and was there during the Great Recession triggered by the financial crisis of 2008. 

When Warsh came into the room, the spectators, including Supreme Court Justice Bret Kavanaugh, House Speaker Mike Johnson, and several other Cabinet members erupted in applause. "Wow, I thought that was for me! I was very unhappy," Trump joked in the moments before the swearing-in. "I looked around and I saw they're all looking at YOU. I was not happy about that," Trump joked.

“I want Kevin to be totally independent,” the president said, striking a more serious tone. "No one in America is better prepared to lead the Federal Reserve than Kevin Warsh."

Watch a portion of Warsh's remarks below: