The Federal Reserve Board announced late Friday that it has appointed Jerome Powell to serve as interim chair (chair pro tempore) until his successor, Kevin Warsh, formally takes the oath of office. The Fed stated that this interim measure of appointing the sitting chair is consistent with past practices during transitions between chairs.
Powell's term as Fed chair concluded on Friday, May 15. The U.S. Senate confirmed Warsh earlier this week as the next Fed chair, but he must complete the swearing-in process before officially assuming the role. A Fed spokesperson declined to comment on when Warsh will be sworn in.
Procedurally, U.S. President Trump must first sign Warsh's formal commission before he can begin his duties. Additionally, the incoming Fed chair has committed to divesting his substantial financial assets before taking office.
The following is the text of the Fed's release:
The Federal Reserve Board appoints Jerome Powell as interim chair; Powell will serve as interim chair until Kevin Warsh is sworn in as the new chair.
With the conclusion of Chair Jerome Powell's term and the pending completion of the swearing-in process for his successor, Kevin Warsh, the Federal Reserve Board on Friday appointed Powell as interim chair. This action of appointing the incumbent as interim chair aligns with past practice during similar chair transitions. Powell will serve as interim chair until Warsh is sworn in as the new chair.
For media inquiries, please email media@frb.gov or call 202-452-2955.
The Federal Reserve Board approved the appointment by a vote of 5 in favor and 1 against, with Governor Stephen Milan voting against and Vice Chair for Supervision Michelle Bowman abstaining.
Bowman and Milan subsequently issued a joint statement expressing support for Powell's interim appointment but emphasized that the role should have a clear time limit. They stated:
Given that a Senate-confirmed chair nominee is set to be sworn in, we believe the interim chair appointment should have a defined duration, at least one week, but we support an extension of up to one month to accommodate potential delays.
They added that if the nominee fails to complete the oath within this period, any continuation of the interim chair role would require a new vote by the Federal Reserve Board or corresponding action by the President, noting they have discussed this matter with the Fed's legal counsel.
As we do not support an indefinite clause for the interim chair appointment, we could not support this vote.
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