Jerome Powell appointed interim fed Chair
The move follows standard practice during leadership transitions, where the outgoing chair continues in a temporary capacity until the successor officially assumes office.
KATHMANDU: The U.S. Federal Reserve Board has appointed Jerome Powell as interim chair until Kevin Warsh is sworn in, the central bank announced on Friday.
The move follows standard practice during leadership transitions, where the outgoing chair continues in a temporary capacity until the successor officially assumes office.
According to a press release published on the Federal Reserve’s website, Powell will oversee the central bank during this transitional period. His second four-year term as Fed chair officially ended on Friday.
Warsh was approved by the U.S. Senate just two days earlier and is set to take over as the next Federal Reserve chair once he formally takes the oath of office.
Powell has indicated he will remain as a Federal Reserve governor until January 2028, emphasizing the importance of maintaining the institution’s independence and autonomy during leadership changes.
Earlier, Powell had come under scrutiny over allegations related to irregularities during renovation work at the Federal Reserve headquarters, prompting a criminal inquiry by the Department of Justice.
However, the investigation was later transferred to the Fed’s own Inspector General after a Republican senator raised concerns over delays in confirming Federal Reserve nominees by former President Donald Trump.
