WASHINGTON, D.C. / Content Syndication Services / — Jerome H. Powell’s term as chair of the U.S. central bank concluded Friday, ending his second four-year chairmanship, while the Federal Reserve Board named him chair pro tempore until Kevin M. Warsh is sworn in as the next chair. The designation keeps Powell in the leadership post on a temporary basis during the formal handover, according to the central bank’s announcement.
Powell’s chair term ended after a period in which the central bank remained central to U.S. economic policy, inflation management, bank supervision and financial stability oversight. The Federal Reserve Board said the interim designation applied because Warsh’s swearing-in remained pending. The announcement made clear that Powell’s role as chair pro tempore is temporary and tied to the completion of the succession process.
The U.S. Senate confirmed Warsh on May 13 to serve a four-year term as chairman of the Board of Governors of the Federal Reserve System. The confirmation vote was 54 to 45, with one senator not voting. Warsh had also been confirmed separately to serve as a member of the central bank’s Board of Governors for a term running from February 1, 2026.
Transition follows Senate confirmation
The leadership change marks the formal close of Powell’s chair term, not an immediate departure from the central bank’s governing structure. Powell’s separate term as a governor continues beyond the end of his chairmanship. The Board’s action allowed him to remain as temporary presiding chair until Warsh completes the swearing-in process and formally assumes the position.
The Federal Reserve Board said naming the incumbent as chair pro tempore during a leadership transition was consistent with past practice in similar changes between chairs. In a separate statement, Vice Chair for Supervision Michelle W. Bowman and Governor Stephen I. Miran said they supported a temporary designation for Powell but did not support an unlimited timeframe for the arrangement.
Powell remains in temporary role
Bowman and Miran said the situation involved a confirmed successor whose swearing-in had not yet occurred. Their statement said any chair pro tempore designation should be limited to a finite period, with another vote or potential presidential action if the new chair was not sworn in within that timeframe. The statement did not alter the Board’s announcement naming Powell to the temporary post.
The transition places Warsh in line to become the next chair once the formal swearing-in is completed. Powell, who first became chair in 2018 and began a second chair term in 2022, remains chair pro tempore during the interim period. The leadership change comes at the end of the chair term set by his last confirmation, while the central bank’s monetary policy, supervision, payment systems and financial stability functions continue under its statutory framework.