Trump’s Fed pick to be sworn in at the White House, not the usual venue

President Donald Trump will host a swearing-in ceremony Friday at the White House for Kevin Warsh, his pick to lead the Federal Reserve, according to a White House official.

The White House setting marks a departure from recent tradition - swearing-in ceremonies have typically taken place at the Fed, without the president in attendance - and reflects the personal stake Trump has taken in the top Fed role amid a prolonged fight over the central bank’s independence.

Warsh was confirmed last week by the Senate, largely along party lines, in a 54-45 vote. A short delay between confirmation and swearing-in is typical.

The last time a Fed chief was sworn in at the White House was nearly 40 years ago, when President Ronald Reagan chose Alan Greenspan for the post in 1987.

When Trump tapped Jerome H. Powell to run the Fed during his first term, the 2018 ceremony took place at the Fed, without the president.

Friday’s ceremony comes a week after Powell’s term as chair expired. He is serving as acting chairman until Warsh’s swearing-in.

Powell is also departing from recent tradition by electing to remain on the seven-member Fed board, amid attacks on him and the institution by the Trump administration. His term as a Fed governor runs through early 2028.

Since returning to office, Trump has spent much of his tenure demanding that Powell slash borrowing costs to juice the economy. Warsh pledged independence during his confirmation hearing last month but has been a sharp critic of the central bank’s recent track record. He also declined opportunities to distance himself from Trump during the Senate hearing.

David Wilcox, a senior fellow at the Peterson Institute for International Economics and director of U.S. economic research at Bloomberg Economics, said the venue choice is “not a good look” at a delicate moment for the Fed. Given widespread concerns that Warsh may not keep sufficient distance from the White House, a ceremony at Fed headquarters would have offered a small but meaningful reassurance.

“It is slightly unnerving that someone so keenly attuned to symbolism chose not to do that,” Wilcox said.

The most recent presidential attendance was George W. Bush’s appearance at Ben Bernanke’s 2006 swearing-in; Bernanke had previously served as a top economic adviser to Bush.