Powell named Fed chair pro tempore as Warsh awaits oath

The Federal Reserve Board on May 15 named Jerome Powell chair pro tempore after his term as chair ended Friday and Kevin Warsh’s May 13 Senate confirmation left the leadership transfer unfinished. Warsh has not yet taken the oath of office, so Powell will lead the central bank on an interim basis.

The board said Powell will serve until Warsh is formally sworn in and did not set a date for the oath. The Senate approved Warsh in a 54-45 vote on May 13; confirmation clears the legal path but does not complete the transfer of authority, which requires an oath and other administrative steps.

Board members used the chair pro tempore designation to maintain continuous leadership while the final formalities are completed. “Powell will serve as chair pro tempore until Warsh is sworn in as the new chair,” the board stated.

Warsh’s confirmation followed a delay tied to a Justice Department inquiry involving Powell. Senator Thom Tillis had placed a hold on advancing Fed nominations while the probe was active and lifted the hold after prosecutors moved to end the investigation, allowing the nomination to proceed to a Senate vote.

Two Fed officials raised concerns about leaving the interim designation open-ended. Vice Chair for Supervision Michelle Bowman and Governor Stephen Miran said the situation lacks historical precedent and urged a short, clearly defined bridge period rather than an indefinite interim arrangement. “We have a unique situation unlike any historical precedent. In this case, the prior chair’s term ends before the new chair, who has already been confirmed by the Senate, has been sworn in,” they wrote, and they signaled support for further board action or possible presidential involvement to finalize the transition.

Warsh has taken specific positions on digital assets. He has described bitcoin as a useful signal for policymakers, opposed issuing a Federal Reserve-backed central bank digital currency, and disclosed past financial ties to crypto projects before divestments were completed.

Until the oath and formal handoff occur, Powell will continue in the top leadership role. The board’s action is intended to keep the Fed’s operations steady while the remaining administrative steps are completed.