BREAKING NEWS: Jerome Powell Named Fed Chair “Pro Tempore”

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The Federal Reserve Board has named Jerome Powell as chair pro tempore until his Senate-confirmed successor, Kevin Warsh, is officially sworn in.

Powell’s four-year term as Fed chair ended on May 15, 2026. While the Senate confirmed Warsh earlier this week, he cannot assume the role until he is sworn in, which requires a presidential commission and, in Warsh’s case, a commitment to divest certain financial assets. To avoid a leadership gap, the Fed board voted 5–1 to keep Powell in place temporarily.

The title “chair pro tempore” is a temporary designation used during leadership transitions. It allows the outgoing chair to remain in the top role until the incoming chair is ready to take over, consistent with past Fed practices.

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