Fed Law Leaves Gray Area on Vacancy as Powell Makes His Case

The ongoing legal standoff between the Trump administration and Federal Reserve is increasing the likelihood that the next Fed chief won’t be confirmed by the Senate before Chair Jerome Powell’s term ends in May.

Powell last week addressed speculation about what will happen in that instance: He declared he intends to remain in charge, citing both the law and historical precedent.

“If my successor is not confirmed by the end of my term as chair, I would serve as chair pro tem until he is confirmed,” Powell said during a March 18 press conference, referring to pro tempore, ...