Fed Names Powell Chair Pro Tempore Until Warsh Sworn In (2)

The Federal Reserve on Friday named Jerome Powell the temporary chair of the Board of Governors until his successor Kevin Warsh is officially sworn in, the central bank said in a statement.

Powell’s four-year term as chair ends Friday. The US Senate confirmed Warsh earlier this week to be the next Fed leader, but he won’t officially take the reins until he is sworn in.

“This temporary action to name the incumbent as chair pro tempore is consistent with past practice during similar transitions between chairs,” the Fed said.

The board voted 5-1 in favor of the designation, with Fed ...