PiCK

Powell to Serve as Acting Fed Chair Until Warsh Takes Office

Source

Doohyun Hwang

Summary

Jerome Powell will serve as acting chair until successor Kevin Warsh takes office.
The Fed said naming Powell acting chair is consistent with past practice during leadership transitions.
Warsh’s formal start has been delayed by administrative paperwork, including required asset sales to prevent conflicts of interest.

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Jerome Powell will serve as acting chair of the Federal Reserve until successor Kevin Warsh is sworn in, after Powell’s official term as chair expired.

In a statement issued on May 15, the Fed's Board of Governors said it had appointed Powell as acting chair while Warsh’s oath of office is pending.

The Fed said the move is consistent with past practice during leadership transitions. Powell will remain acting chair until Warsh is formally sworn in.

Warsh’s official start has been delayed by administrative procedures, including paperwork.

Nick Timiraos of the Wall Street Journal said Warsh still must complete several administrative steps before formally taking over, including receiving the president’s signed commission and completing required asset sales to avoid conflicts of interest. The Fed therefore named Powell interim leader until Warsh takes the oath of office.