Report: Trump to preside over Walsh's swearing-in ceremony on Friday

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According to the Wall Street Journal citing White House officials, Trump will personally preside over the swearing-in ceremony of new Federal Reserve Chairman Walsh at the White House this Friday. This breaks recent precedents, as the inauguration ceremony is usually held within the Fed, and the President rarely attends in person.

This arrangement highlights Trump's close attention to the appointment of this Fed chair. When the current chairman Powell, who was nominated by Trump during his first term, took office in 2018, the ceremony was held internally at the Fed, and Trump did not attend in person.

Walsh was confirmed by the Senate last week for a four-year term. Powell's term as chairman ended last weekend; he stated that he plans to remain on the Fed Board as a governor after his term as chairman ends, with that governor term running until January 2028.

White House Inauguration Ceremony Returns After Nearly Forty Years

The last time a Fed chairman was sworn in at the White House dates back to Alan Greenspan's inauguration in 1987. Since then, successive new chairs have taken their oaths at the Fed headquarters.

The most recent sitting president to attend the inauguration was George W. Bush, who participated in Ben Bernanke's swearing-in ceremony in 2006.

This change of leadership at the Fed has taken an unusually long time. A delay of several days between confirmation and swearing-in is not uncommon in procedure, and Walsh had previously agreed to divest some of his personal investments before formally taking office, which also contributed to slowing down the transition.

During this transition period, Fed Vice Chair Philip Jefferson will represent the central bank at the G7 finance ministers and central bank governors meeting in Paris this Monday, ensuring the continuation of the Fed’s normal external engagement.

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