The Federal Reserve Board named Jerome Powell chair pro tempore on May 15 to serve temporarily until Kevin Warsh is sworn in as the new Fed chair. Warsh is expected to be sworn in by President Trump, but no date has been announced. Two board members opposed the temporary appointment because it lacks a fixed end date. Powell said he will remain on the Board of Governors until he is satisfied the reported criminal probe is concluded.
Powell Named Fed Chair Pro Tempore Ahead of Warsh Swearing-In
FILE PHOTO: U.S. Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the U.S. Federal Reserve in Washington, D.C., U.S., April 29, 2026. REUTERS/Kevin Lamarque/File Photo
The Federal Reserve Board announced on May 15 that it has named Jerome Powell chair pro tempore, a temporary designation that will remain in place until Kevin Warsh is formally sworn in as the Fed's next chair.
Warsh is expected to be sworn in soon by U.S. President Donald Trump, though the White House has not yet announced a date. Powell’s eight-year tenure as Fed chair officially ended on Friday.
Board Reaction: Board members Stephen Miran and Michelle Bowman issued a joint statement opposing the decision to keep Powell in the chair role on a temporary basis because the action does not specify a fixed end date for his interim status.
Although Powell is stepping down as chair, he has said he will remain on the Federal Reserve Board of Governors until he is satisfied that the Trump administration's reported criminal probe concerning him has been concluded.
Note: The board’s interim appointment preserves leadership continuity at the Fed while the administration finalizes the transition to the incoming chair.
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