Kevin Warsh was sworn in Friday as the 17th chairman of the Federal Reserve. 

Supreme Court Justice Clarence Thomas performed the swearing-in, with fellow conservative Justice Brett Kavanaugh in attendance, NBC News reported. 

In his remarks, President Donald Trump said that he wants Warsh to be an "independent" chairman. 

"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," Trump said. 

The president also criticized outgoing Chair Jerome Powell, saying that under his leadership the "Fed lost its way." 

"It became distracted by concerns far removed from its core mission and mandate, drifting into matters such as climate policy and DEI initiatives," Trump said.