Powell Named Fed Chair Pro Tempore

On May 15, 2026, the Federal Reserve Board announced that Jerome Powell will serve as chair pro tempore of the U.S. central bank. The designation takes effect as Powell’s term as chair concludes and will continue until Kevin Warsh is officially sworn in as the new chair of the Federal Reserve.

In a statement, the Federal Reserve confirmed that this interim arrangement is intended to ensure continuity of leadership during the transition. The role of chair pro tempore provides a clearly identified presiding official for the Board while the incoming chair completes the remaining steps before taking office.

Kevin Warsh has been identified as the next chair of the Federal Reserve and will assume the position once he is sworn in. Until that swearing-in occurs, Powell will carry the title of chair pro tempore and lead the Board’s activities in that capacity.

The Federal Reserve’s announcement emphasizes that Powell’s temporary appointment is explicitly tied to the timing of Warsh’s swearing-in. Once Warsh takes the oath of office, he will become the head of the U.S. central bank, concluding Powell’s interim responsibilities as chair pro tempore.

According to the Federal Reserve, naming a sitting or outgoing chair as chair pro tempore during a leadership handover is consistent with historical practices at the institution. This approach is designed to avoid any gap in formal leadership between the end of one chair’s term and the start of another’s.

By following this established pattern, the Board aims to maintain clarity over who presides over meetings and key decisions during the short interval before a new chair is sworn in. The designation signals an orderly transition rather than a change in the Federal Reserve’s broader framework or mandate.

Although Powell’s term as chair ended on May 15, 2026, he will remain a member of the Federal Reserve Board of Governors after Kevin Warsh is sworn in. His continued presence on the Board means he will still participate in policy discussions and decisions, but no longer as chair once the new leader assumes office.

The Federal Reserve’s statement makes clear that Powell’s status as a Board member is separate from the chair pro tempore designation. The interim leadership role is temporary and specifically tied to the transition period, while his Board membership extends beyond the change in chair.