Powell Named as Interim Fed Leader Pending Swearing-In of Warsh -- Update

Dow Jones

Yesterday

By Nick Timiraos

The Federal Reserve said Friday that outgoing Chair Jerome Powell would remain as its acting leader until Kevin Warsh, who was confirmed to a four-year term by the Senate this week, could be sworn in.

It isn't clear when Warsh will be sworn in. Delays of several days between the Senate confirming a Fed nominee and the swearing in aren't unusual. Before the swearing in, President Trump must sign an official commission naming Warsh to the post. Warsh also has agreed to certain divestments of personal investments he pledged to offload in order to meet ethics requirements.

The Senate confirmed Warsh as chair on Wednesday. Powell's four-year term as chair is set to expire at the end of Friday.

Two Fed governors, Stephen Miran and Michelle Bowman, disagreed on the mechanics of the interim arrangement. They said they supported naming Powell as the "chair pro tempore" but wanted the designation to be time-limited and subject to a renewal vote if Warsh's swearing-in was delayed beyond several weeks.

Write to Nick Timiraos at Nick.Timiraos@wsj.com

(END) Dow Jones Newswires

May 15, 2026 21:52 ET (01:52 GMT)

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They said they supported naming Powell as the \"chair pro tempore\" but wanted the designation to be time-limited and subject to a renewal vote if Warsh's swearing-in was delayed beyond several weeks. \n\n\n  Write to Nick Timiraos at Nick.Timiraos@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 15, 2026 21:52 ET (01:52 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}