The Federal Reserve Names Jerome Powell Chair Pro Tempore Until Kevin Warsh Is Sworn In

The Federal Reserve Board named Jerome Powell chair pro tempore until Kevin Warsh is sworn in as chair. Warsh was confirmed by the Senate this week to a four-year term. Powell had served as chair since 2018. The central bank said in a statement that Powell would remain as acting leader until Warsh takes the oath of office, which could occur as early as next week.

The arrangement is intended to ensure continuity of leadership during the transition. The Federal Reserve's statement described the interim step as standard procedure to avoid any gap in authority. Powell will continue in the role as a bridge between administrations while Warsh completes formal onboarding. No specific date for the swearing-in was provided in the board's announcement.

Warsh's confirmation marks the formal end of Powell's tenure at the helm of the Federal Reserve. Powell guided the institution through rate hikes, pandemic-era measures, and subsequent adjustments. Officials have not detailed specific policy changes expected under the incoming chair. Warsh has previously indicated that the Federal Reserve needs an overhaul.

Fed Governor Stephen Miran is expected to resign after Kevin Warsh is sworn in. The focus remains on the central bank's dual mandate of price stability and maximum employment. How Warsh's perspective translates into policy will become clearer after he assumes the role full time. The Federal Reserve has not released additional statements on the transition beyond the initial announcement.