JAKARTA — Jerome Powell has been appointed as the ad interim chair of the Federal Reserve following the conclusion of his term on Friday, May 15, 2026. This move serves as a bridge during the leadership transition to Kevin Warsh, who has already been confirmed by the U.S. Senate.
According to an official statement released by the U.S. central bank on Friday, the Federal Reserve Board designated Powell as the temporary chair to manage operations between the end of his official tenure and Warsh’s formal swearing-in ceremony. The Federal Reserve noted that this step aligns with historical leadership transition practices within the institution.
“Powell will continue to fulfill his duties as the acting chair until Warsh is officially inaugurated as the new head of the Federal Reserve,” the Fed stated on Saturday, May 16, 2026.
However, the decision to appoint an interim leader was not met with unanimous support from the Federal Reserve Board of Governors.
Vice Chair for Supervision Michelle W. Bowman and Governor Stephen I. Miran expressed their support for Powell serving in a temporary capacity but firmly opposed the lack of a defined expiration date for the appointment. The pair argued that the current situation is distinct from previous transitions because a successor has already been confirmed by the Senate, leaving little reason for an indefinite interim term.
“In our view, the appointment of a chair pro tempore should be limited to a specific period, at least one week, though we could support up to one month to anticipate potential delays,” Bowman and Miran wrote in a joint statement.
The two governors added that should Warsh remain unsworn after that period, the interim appointment should be subject to a fresh vote by the Board of Governors or further action by the U.S. President. This disagreement led them to withhold their support for an open-ended appointment.
The transition follows the U.S. Senate’s confirmation of Kevin Warsh, President Donald Trump’s nominee, to lead the central bank. As reported by BBC on Thursday, May 14, 2026, Warsh secured the position following a vote on Wednesday, May 13, 2026, with a tally of 54 votes in favor and 45 against.
Warsh is set to replace Jerome Powell, whose tenure was frequently marked by public friction with President Trump over interest rate policies. Notably, the confirmation of Warsh saw the slimmest approval margin for a Federal Reserve chair since the appointment process was established in 1977. John Fetterman was the sole Democratic senator to break ranks and support Warsh’s confirmation.
Summary
Jerome Powell has been appointed as the interim chair of the Federal Reserve following the conclusion of his official term on May 15, 2026. This temporary measure is intended to maintain operational continuity until Kevin Warsh, who was recently confirmed by the U.S. Senate, is formally inaugurated as the new head of the central bank.
The appointment faced criticism from Governors Michelle W. Bowman and Stephen I. Miran, who opposed the lack of a defined expiration date for Powell’s temporary role. They argued that because a successor has already been confirmed, the interim period should be strictly time-limited, prompting them to withhold their full support for the current open-ended arrangement.