Powell Named Temporary Fed Chair Until Warsh Takes Oath

"The Federal Reserve Board announced on May 15 that Jerome Powell will serve as chair pro tempore while Kevin Warsh awaits swearing-in. Warsh was confirmed by the Senate on May 13 in a 54-45 vote, but he has not yet formally taken the oath of office. Officials used the temporary designation after Powell's term as chair ended Friday. Senate confirmation gives Warsh the legal path to the role, but the transition is not complete until the oath occurs. The board did not give a swearing-in date, leaving Powell in place until that final step."

"Senate approval did not immediately make Warsh chair. The role still requires the oath of office, a formal handoff, and administrative steps. That gap led the board to use the chair pro tempore structure to keep the central bank under continuous leadership. Warsh is widely viewed as more open to digital assets than prior Federal Reserve chairs. He has described bitcoin as a useful signal for policymakers, opposed issuing a Federal Reserve-backed central bank digital currency, and disclosed financial exposure to crypto projects before required divestments."

"Confirmation followed a delay tied to the Justice Department's investigation into Powell. Senator Thom Tillis, a North Carolina Republican, had objected to moving Fed nominations while the probe remained active. He later dropped his opposition after prosecutors moved to end the investigation, allowing Warsh's nomination to advance to a Senate vote."

The Federal Reserve Board announced that Jerome Powell will remain chair pro tempore while Kevin Warsh awaits swearing-in. Warsh received Senate confirmation on May 13 by a 54-45 vote, but he has not yet taken the oath of office, leaving the leadership transition incomplete. The board used the temporary chair structure to maintain continuous leadership until the formal handoff and administrative steps occur. The board did not provide a swearing-in date. Warsh’s nomination advanced after a Justice Department investigation involving Powell ended, following earlier objections by Senator Thom Tillis. Warsh is viewed as more open to digital assets, has described bitcoin as a useful signal for policymakers, opposed issuing a Federal Reserve-backed central bank digital currency, and disclosed prior financial exposure to crypto projects before required divestments.

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