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The Federal Reserve Board announced Friday that Jerome Powell will serve as chair pro tempore until Kevin Warsh is officially sworn in as the next leader of the U.S. central bank. The move comes as President Donald Trump prepares to appoint Warsh, although the White House has not yet confirmed a date for the swearing-in ceremony.
Powell’s eight-year tenure as Federal Reserve chair formally ended on Friday, marking a major transition for U.S. monetary policy leadership. Despite stepping down from the chair position, Powell has indicated he plans to remain on the Federal Reserve Board of Governors for the time being. He previously stated he would stay until he is satisfied that the Trump administration has concluded its criminal investigation involving him.
The temporary appointment drew criticism from two Federal Reserve board members. Stephen Miran and Michelle Bowman released a joint statement opposing the decision, arguing that Powell’s role as interim chair lacks a clearly defined end date. They expressed concerns that the absence of a fixed timeline could create uncertainty within the central bank during a sensitive leadership transition.
Warsh, a former Federal Reserve governor and longtime economic adviser, is expected to take over leadership of the Fed once officially sworn in. Investors and financial markets are closely watching the transition, as the Federal Reserve plays a critical role in shaping interest rates, inflation policy, and overall U.S. economic stability.
The leadership change comes at a time when the Fed remains under intense political and public scrutiny. Analysts say the transition from Powell to Warsh could influence future monetary policy decisions and the direction of the U.S. economy in 2026.
