Two Fed Governors Dissent as Board Names Powell Temporary Chair -- Barrons.com

Dow Jones05-16

By Nicole Goodkind

The Federal Reserve Board named Jerome Powell chair pro tempore Friday as his term as chair formally expired, a move intended to bridge the gap until his confirmed successor is sworn in.

Powell will hold the temporary designation until Kevin Warsh, confirmed by the Senate 54-45 on Wednesday, officially becomes the Fed's 17th chair.

The move drew an immediate dissent from two board members, Vice Chair for Supervision Michelle Bowman and Governor Stephen Miran, who said the designation should be capped at no more than a month and subject to renewal by board vote or presidential action if Warsh has not been sworn in by then.

The pair argued the situation has no historical precedent, given that a confirmed successor has never before been waiting in the wings at the moment a chair's term lapsed, and said they could not support a temporary designation with no defined endpoint.

This story is breaking and will be updated.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

May 15, 2026 17:06 ET (21:06 GMT)

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