The Federal Reserve says outgoing Chair Jerome Powell will temporarily remain in charge until newly confirmed Fed Chair Kevin Warsh is officially sworn into office. Warsh was confirmed by the Senate earlier this week, but final paperwork and ethics-related investment divestments still must be completed before the leadership transition becomes official. The temporary arrangement created some disagreement within the Federal Reserve Board. Governors Stephen Miran and Michelle Bowman supported allowing Powell to serve as interim “chair pro tempore,” but argued the arrangement should be limited if Warsh’s swearing-in process stretches on for several weeks. The leadership transition comes as the Federal Reserve continues navigating elevated inflation concerns and uncertainty surrounding future interest rate policy.
