Powell to Serve as Interim Fed Chair Until Warsh Takes Office
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Jerome Powell will serve as interim chair of the Federal Reserve after his official term expired, until successor Kevin Warsh is sworn in.
The Fed's Board of Governors said in a statement on May 15 that it had appointed Powell as interim chair while Warsh's oath of office remains pending.
The central bank said the move is in line with precedent during past leadership transitions. Powell will remain interim chair until Warsh is formally sworn in as chair.
Warsh's official start has been delayed by paperwork and other administrative procedures.
Nick Timiraos of The Wall Street Journal wrote that before Warsh can formally assume the chairmanship, President Donald Trump must sign his commission and Warsh must complete required asset sales to avoid conflicts of interest. The Fed therefore named Powell interim leader until Warsh officially takes office.
