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Fed names Powell as chair pro tempore until Warsh is sworn in

By Reuters Reuters
FILE PHOTO: U.S. Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the U.S. Federal Reserve in Washington, D.C., U.S., April 29, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: U.S. Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the U.S. Federal Reserve in Washington, D.C., U.S., April 29, 2026. REUTERS/Kevin Lamarque/File Photo Kevin Lamarque Reuters

WASHINGTON - The Federal Reserve Board on Friday said it has named Jerome Powell as chair pro tempore until Kevin Warsh is sworn in as the new head of the U.S. central bank.

• Warsh is expected to be sworn in soon by U.S. President Donald Trump but no date has been announced.

• Powell's eight-year run as Fed leader formally expired on Friday.

• Fed board members Stephen Miran and Michelle Bowman said in a joint statement they did not support the measure that keeps Powell as chair because it does not include a fixed time period for his temporary status.

• Although Powell is stepping down as chair, he has said he will stay on the Fed's Board of Governors until he is satisfied the Trump administration has ended its criminal probe of him.

(Reporting by Daphne Psaledakis and Bhargav Acharya; Editing by Michelle Nichols, Sergio Non and Tom Hogue)

Copyright Reuters or USA Today Network via Reuters Connect.

This story was originally published May 15, 2026 at 8:55 PM.

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