According to a report, former President Donald Trump will preside over the swearing-in ceremony for the new Federal Reserve Chair, Wash, at the White House this Friday. This move breaks recent precedent, as such ceremonies have typically been held internally at the Federal Reserve, with the President rarely in attendance.

This arrangement directly underscores Trump's close attention to this Federal Reserve appointment. When Trump nominated the current Chair, Powell, during his first term, Powell's 2018 swearing-in was held at the Fed without Trump's presence.

Wash was confirmed by the Senate last week, receiving a four-year term. Powell's term as Chair concluded over the weekend. He has indicated he plans to remain on the Federal Reserve Board as a Governor after his chairmanship ends, with that Governor term extending until January 2028.

The White House ceremony marks the first such event in nearly four decades. The last time a Federal Reserve Chair was sworn in at the White House was in 1987 for Alan Greenspan. All subsequent chairs have taken their oaths at the Federal Reserve's headquarters.

The most recent sitting President to attend an inauguration was George W. Bush, who was present for Ben Bernanke's swearing-in ceremony in 2006.

The transition at the top of the Federal Reserve has been unusually prolonged. A delay of several days between confirmation and swearing-in is not uncommon procedurally. Furthermore, Wash agreed to divest certain personal investments prior to formally assuming the role, which also contributed to slowing the transition process.

During this interim period, Federal Reserve 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 continuity of the central bank's external engagements.