Jerome Powell Appointed Interim Chairman of the U.S. Federal Reserve

The United States central bank, the Federal Reserve Board, has officially appointed Jerome Powell as its interim (pro tempore) chairman. According to a press release issued by the Federal Reserve, Powell will manage the responsibilities of the position until the newly appointed chairman, Kevin Warsh, takes the oath of office. This transition aligns with the central bank's traditional practice and established procedures of entrusting the outgoing chair with interim responsibilities during a leadership transition. Powell's formal second four year term as the Fed chair concluded on Friday, just two days after the U.S. Senate approved Kevin Warsh as his successor.

Despite stepping down from the top post, Powell has expressed his commitment to maintaining the central bank's autonomy and independence. He stated that he will continue to serve as a member of the Federal Reserve Board of Governors, a position he is designated to hold until January 2028.

The report also highlights recent administrative challenges surrounding Powell, noting that the Department of Justice had previously initiated a criminal investigation into alleged irregularities regarding maintenance and repairs at the Fed's headquarters in Washington, D.C. However, after a Republican senator threatened to block all of President Donald Trump’s Federal Reserve nominees in protest, the investigation was subsequently transferred to the Federal Reserve's internal Inspector General.