Federal Reserve Board governors on Friday voted to name Jerome (“Jay”) Powell as chair pro tempore, a designation that the Fed said will continue until Kevin Warsh is sworn in as new chair.
Warsh was confirmed by the Senate last week to a four-year term as Fed chair and 14 years as a board governor; he has yet to be sworn in. The Fed Board announced its designation of Powell as chair pro tempore in a release Friday.
“This temporary action to name the incumbent as chair pro tempore is consistent with past practice during similar transitions between chairs. Powell will serve as chair pro tempore until Warsh is sworn in as the new chair,” it said.
The board approved the designation on a vote of 5-1, with one abstention. Board Gov. Stephen Miran, whose term officially expired Jan. 31, voted against; Vice Chair for Supervision Michelle Bowman abstained. The two, in a joint statement, noted their preference for setting a specific duration for the designation, which they said “should be subject to renewal by another vote of the Board or potential presidential action” if Warsh’s swearing-in is delayed.
While Powell’s term as Fed chair expired Friday, he has said he intends to remain on the board to complete his term as a Fed governor, which expires in January 2028.
Leave a Reply