Jerome H. (“Jay”) Powell was named chair pro tempore in a vote Friday of the Federal Reserve Board, ensuring Powell’s ability to continue to carry out his duties as chair as he awaits Senate confirmation to a second term in that post.
Powell, whose term as a Fed Board governor continues through January 2028, was nominated to a second term as chair late last year by President Joe Biden (D). He testified in a confirmation hearing Jan. 11 before the Senate Banking Committee.
Friday’s Fed Board action is effective Feb. 5 (Saturday), the same day Powell’s current term as chair expires. The Federal Open Market Committee last month also named him chair during its annual organizational meeting, the Fed said in a release Friday.