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Powell named Fed temporary chair until Warsh sworn in amid fight over Fed independence
International
Published on 16 May 2026
Two Trump nominees backed interim Powell but rejected indefinite rule
The US Federal Reserve board has appointed Jerome Powell as temporary chair until successor Kevin Warsh is sworn in, following Warsh’s Senate confirmation this week. Powell’s term ended Friday, and the Fed says the move follows past transition practice, though it has not set a swearing-in date. The decision drew dissent from Trump nominees Stephen Miran and Michelle Bowman, who argued the interim role must be time-limited. Warsh, a former inflation “hawk,” now aligns with lower-rate pressure.
- Powell became chair pro tempore after his term ended on Friday
- Kevin Warsh was confirmed by the Senate with a 54 to 45 vote
- The Fed has not announced a specific date for Warsh’s oath
- Trump nominees Miran and Bowman opposed an open-ended interim term
- Warsh faces a challenging confirmation timeline and Fed credibility tests
- Inflation remains above the Fed’s 2% goal as Warsh takes the helm
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times