Jerome Powell, chair of the U.S. Federal Reserve (Fed), will serve as acting chair after his term ends on the 15th (local time) until his successor, incoming chair Kevin Warsh, is formally sworn in.
The Fed said it held a board meeting that day and named Powell as acting chair. The Fed explained, "This step of appointing the sitting chair as acting chair follows past precedent during chair transitions."
However, Vice Chair for Supervision Michelle Bowman and Fed Governor Steven Myron issued a joint statement opposing the absence of a time limit on the acting chair tenure. Both were appointed by U.S. President Donald Trump.
They agreed to Powell serving as acting chair until Warsh completes the oath of office, but argued the term should be capped at a minimum of one week and a maximum of one month. They said any further extension, if needed, should be decided by a new board vote.
Powell's term as chair, leading the Fed since 2018, ended that day. His term as a Fed governor, however, runs through Jan. 31, 2028. Powell had earlier said he would retain his board seat until the Ministry of Justice investigation is fully concluded.
Meanwhile, incoming chair nominee Warsh is expected to take office as the new Fed chair soon. The U.S. Senate approved Warsh's nomination on the 13th.