The Federal Reserve Board on May 15 designated Jerome Powell as chair pro tempore, a temporary role he will hold until Kevin Warsh is sworn in as permanent chair. The move fills a leadership gap created by an incomplete transition after Warsh's Senate confirmation.
Why the temporary designation
The board used the chair pro tempore label because the usual succession process wasn't finished. Warsh had been confirmed by the Senate, but he hadn't yet taken the oath of office. That left the Fed without a permanent chair. The board's announcement formalized Powell's interim duties.
Powell's role until the oath
As chair pro tempore, Powell holds the same powers as a permanent chair. He'll preside over meetings, sign documents, and represent the Fed until Warsh is sworn in. The board hasn't said when that oath will happen. Powell's temporary appointment ensures continuity during the handoff.
The White House hasn't announced a date for Warsh's swearing-in ceremony. Until then, Powell remains the acting leader. The Fed's next policy meeting is scheduled for next month. Powell will likely chair it unless Warsh takes the oath before then.
