Kevin Warsh took the oath of office as Federal Reserve Chair on Friday May 22 in a White House ceremony with President Trump participating - the first White House swearing-in of a Fed chair in roughly 40 years (the last was Greenspan in 1987 under Reagan). The unusual venue underscores the central tension of Warsh's term: leading a nominally independent institution under a president who has pressed publicly for rate cuts. Warsh replaces Jerome Powell, whose chair term ended May 15.