Fed names Powell interim chair as two governors oppose open-ended transition

The Federal Reserve Board on May 15, 2026, named Jerome Powell chair pro tempore after his term as chair expired, allowing him to oversee Fed operations until Kevin Warsh is sworn in as the central bank’s 17th chair. Warsh was confirmed by the U.S. Senate on May 13, 2026, in a 54-45 vote. The Fed said Powell will remain in the interim role during the transition, but the decision drew rare public dissent from Vice Chair for Supervision Michelle Bowman and Governor Stephen Miran. Bowman and Miran said Powell’s temporary appointment should not continue indefinitely and proposed a one-month limit. If Warsh has not been sworn in by then, they said the board should vote again on any extension or the president should take further action. The two governors said the situation has “no historical precedent” because a Senate-confirmed successor has not previously been waiting to take office when a Fed chair’s term ended.