President Trump delivered remarks at Federal Reserve Chairman Kevin Warsh’s swearing-in ceremony on Friday, where he laid out his vision for massive economic growth and cooling inflation with the new Chairman “totally independent” of the White House.
The President spoke for nearly 23 minutes before Warsh was sworn in by Supreme Court Justice Clarence Thomas.
During his remarks, Trump spoke about what he expects from the new Fed Chair, taking jabs at former Chairman Jerome Powell and declaring that Warsh’s policies will “restore confidence” by focusing on price stability, low inflation, and achieving full employment.
Despite speculation that Warsh would face intense pressure from Trump as Chairman, Trump told Warsh and the crowd at the White House, “I want Kevin to be totally independent. I want him to be independent and just do a great job. Don’t look at me, don’t look at anybody, just do your own thing and do a great job.”
“I fully expect that with the greatest Fed chairs before him, Kevin will safeguard the Fed’s integrity. They’ll make their own decisions and hopefully make them well, but they’ll be listening to Kevin all the way. I really believe that, even if they’re from a somewhat different persuasion, they’re going to be listening to him out of respect, because everybody respects him,” Trump added.
“Unfortunately,” he said, under Jerome Powell, the Fed has lost its respect and integrity, “distracted by concerns far removed from its core mission and mandate, drifting into matters such as climate policy and DEI initiatives.”
“With the Fed straying from its mandate, while the last administration blew out the deficit, Americans suffered the worst inflation that we had in history,” Trump continued.
But, Warsh “will restore confidence in the Fed, which is so important, and among Americans all across the political spectrum, and people from all over the world, and they’re going to be looking to Kevin, probably, and possibly more than any other person that’s had your esteemed position before,” he said.
“Thankfully, unlike some of his predecessors,” Trump said in reference to Jerome Powell, “Kevin understands that when the economy is booming, it is— that’s a good thing.” He continued, “We want it to boom, we want it to be like nobody has ever had before, because we do have some debt we’d like to take care of, and the way you do that is through growth.”
“But economic growth does not mean inflation. You don’t have to stop the world because you’re doing well. Kevin’s also said that he’ll bring much-needed reform and modernization, transforming obsolete data collection methods, rolling back reliance on inaccurate models, and curtailing the Fed’s practice of issuing so-called forward guidance. ”
Trump further pointed to the stock market, highlighting the DOW, which surged to a new all-time high, over 50,700, as well as the S&P 500 settling into its eighth straight week of gains, ahead of Warsh’s swearing-in ceremony. “They both set new records today, and boy, that’s something good, but you’re going to bring it to a much different level, believe me,” Trump said, expressing optimism for continued growth under Warsh’s chairmanship.
“It’s good, but it can go much better, and that’s what I think you’re going to do,” he added.
WATCH:
Transcript:
Trump: I know that Kevin has the deepest respect and reverence for the institution he will lead starting today. We are so lucky to have him. The Federal Reserve is a pillar of the world financial system and the most important central bank anywhere in the world, with a history stretching back more than 100 years. It is truly the institution that’s most looked to and most respected, and it’s now taken on a new, a new, and even higher respect, in my opinion.
And honestly, I really mean this. This is not said in any other way. I want Kevin to be totally independent. I want him to be independent and just do a great job. Don’t look at me, don’t look at anybody, just do your own thing and do a great job. Okay?
Unfortunately, in the eyes of many, the Fed lost its way in recent years. It became distracted by concerns far removed from its core mission and mandate, drifting into matters such as climate policy and DEI initiatives. With the Fed straying from its mandate, while the last administration blew out the deficit, Americans suffered the worst inflation that we had in history. It was the worst inflation we’ve ever had, as you know. Some people say you’re wrong about that, it was only in 48 years, but I think 48 years almost sounds worse. The worst inflation we’ve ever had. So, it made it very difficult.
Kevin has spoken often about the need to restore the Fed’s integrity by returning to a proper focus on its two functional and really fundamental responsibilities: maintaining price stability and low inflation, and achieving full employment. And we talk about it, we’ve talked about it often, and right now we have the most people working in the United States than we’ve ever had.
We have never had as many people working right now in the United States, and it’s something that I like to say, and it’s been pretty much that way ever since I’ve been president. When I go back to the first term, I had those numbers too, and I kept them, and we’ve done things that are really amazing, but we can bring it to a new and higher level with Kevin.
I think we can bring it to a level that nobody ever thought possible. By following through on this vision, Kevin will restore confidence in the Fed, which is so important, and among Americans all across the political spectrum, and people from all over the world, and they’re going to be looking to Kevin, probably, and possibly more than any other person that’s had your esteemed position before.
I think that’s true, Kevin, you got a lot of people watching. I fully expect that with the greatest Fed chairs before him, Kevin will safeguard the Fed’s integrity. They’ll make their own decisions and hopefully make them well, but they’ll be listening to Kevin all the way. I really believe that, even if they’re from a somewhat different persuasion, they’re going to be listening to him out of respect, because everybody respects him.
Thankfully, unlike some of his predecessors, Kevin understands that when the economy is booming, it is— that’s a good thing. We don’t have to go crazy, just let it boom. We want it to boom, we want it to be like nobody has ever had before, because we do have some debt we’d like to take care of, and the way you do that is through growth.
We’re going to grow our way out of it so fast, and Kevin’s somebody, and I feel strongly also, we don’t want to see it stifled. We want to stop inflation, but we don’t want to stop greatness. And so, that’s really a very good thing, a very positive thing, and that’s what he’s looking to do. He’s looking to do positive economic growth. It’s so important, and as we discussed, economic growth doesn’t mean inflation; it can be just the opposite, actually.
But economic growth does not mean inflation. You don’t have to stop the world because you’re doing well. Kevin’s also said that he’ll bring much-needed reform and modernization, transforming obsolete data collection methods, rolling back reliance on inaccurate models, and curtailing the Fed’s practice of issuing so-called forward guidance. They want to do things on that. I guess it’s a little complex subject, but it’s something that Kevin knows about better than probably anybody here.
He has the temperament and leadership abilities to foster collaboration among the entire board, and I know he will welcome robust debate in his mission to keep prices stable and employment high. Kevin will have the full support of my administration.
Every one of these people felt, including Kevin, by the way, felt so strongly about this choice, and we have no doubt that we have absolutely no doubt, so important, too, so big, so important. I just turned on the television. I wanted to see how the stock market’s doing today. The stock market’s up 600 points. That means they like you. If they didn’t like you—
It’s actually up to 50,702, so that’s as of about 12 minutes ago. Now, who knows? But I think it can only go up. I think with you it’s only going to go up. That was a number that nobody thought was reachable during my entire four years. If you look at some of the great pundits, they said, well, 50,000 would be impossible during the four years, but sometime after we hit it in the first year, but now we’re really hitting it.
And think of it, it’s up to 50,702, and S&P likewise set a new record today; they both set new records today, and boy, that’s something good, but you’re going to bring it to a much different level, believe me. It’s good, but it can go much better, and that’s what I think you’re going to do.
The post (VIDEO) Trump Says Fed Chair Kevin Warsh Will End Powell’s Climate and DEI Policies, Tells Him to “Be Independent and Just Do a Great Job” – “Don’t Look at Me, Just Do Your Own Thing” appeared first on The Gateway Pundit.