Kevin Warsh, President Donald Trump's pick to lead the Federal Reserve, will be sworn in Friday, bringing new leadership to the world's most powerful central bank at a fraught moment for the global economy.

Warsh's swearing-in ceremony is set to take place at 11 a.m. EDT. Watch it live in our video player above.

The Senate confirmed Warsh last week in a largely party-line vote. His nomination had been thrown into doubt in recent months after Republican Sen. Thom Tillis of North Carolina said he would block the nomination while the Justice Department investigated Fed Chair Jerome Powell.

WATCH: Jerome Powell's impact and legacy at the Federal Reserve

The Powell probe was dropped in April, clearing the way for the Senate to confirm Warsh.

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Warsh, 56, a former top Fed official, will become chair at an unusually difficult time for the independent agency.

Inflation has topped the Fed's 2% target for five years and is now rising faster because of spiking gas prices. The Fed's interest rate-setting committee is divided and saw the most dissenting votes in more than three decades last month.

And Powell, after years of personal attacks from the Republican president and an unprecedented legal investigation by the Justice Department, plans to stay on the Fed's board even after his term as chair ends, potentially creating a competing power center.