Federal Reserve Keeps Powell as Temporary Chair Pending Kevin Warsh Swearing-In

The Federal Reserve announced Jerome Powell will remain as chair pro tempore until President Donald Trump’s nominee, Kevin Warsh, is formally sworn in to lead the central bank.

By yourNEWS Media Newsroom

The Federal Reserve Board announced Friday that Jerome Powell will continue serving as chair pro tempore following the expiration of his formal term as head of the U.S. central bank, pending the swearing-in of incoming Federal Reserve Chairman Kevin Warsh.

According to the Fed’s announcement, Powell will temporarily retain leadership duties until Warsh officially assumes the position after being sworn in by President Donald Trump. No date has yet been publicly announced for the ceremony.

Powell’s eight-year tenure as Federal Reserve chair officially concluded Friday.

The decision to maintain Powell in a temporary leadership role drew opposition from two members of the Federal Reserve Board, Stephen Miran and Michelle Bowman, who criticized the arrangement in a joint statement.

Miran and Bowman said they opposed the measure because it did not establish a defined expiration date for Powell’s interim status as chair pro tempore.

The disagreement highlights tensions inside the central bank during the transition period as the Trump administration prepares for a leadership change at the Fed.

Although Powell is relinquishing his role as chairman, he has stated that he intends to remain on the Federal Reserve Board of Governors while a criminal investigation involving him continues under the Trump administration.

Powell reportedly indicated he plans to stay on the board until he is satisfied the administration’s probe has concluded.

Warsh, a former Federal Reserve governor who previously served during the financial crisis era, is expected to take over leadership of the central bank once the transition is finalized.

The Federal Reserve chair oversees monetary policy decisions, interest rate strategy, banking regulation, and financial stability operations that influence domestic and global markets.