Powell Temporarily Reassumes Role as Federal Reserve Chairman

Deep News15:41

The Board of Governors of the Federal Reserve announced on the 15th the appointment of Jerome Powell to serve as the interim Chairman of the Federal Reserve. This appointment is effective until Kevin Warsh is sworn in as the new Chairman.

The announcement stated that this move to appoint an interim chairman aligns with the established practices during previous transitions of the Federal Reserve chairmanship.

The United States Senate formally confirmed on the 13th that Warsh will succeed Powell as the next Chairman of the Federal Reserve for a four-year term. Powell's term officially concluded on May 15th. According to procedure, Warsh must still undergo the formal process of having his appointment signed by the President of the United States and participating in a swearing-in ceremony before he can officially assume his duties.

In a joint statement, Federal Reserve Vice Chair for Supervision Michelle Bowman and Federal Reserve Governor Stephen Milan expressed their support for Powell serving as interim chairman until Warsh is sworn in. However, they suggested that a specific timeframe, ranging from one week to one month, should be established for the interim appointment. Should the new chairman not be sworn in within that period, the Board of Governors would need to vote again to reconfirm the interim arrangement, or potentially, presidential action might be required.

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