On Friday, the US Federal Reserve announced that Jerome Powell will serve as interim chair of the Board of Governors until Kevin Warsh is sworn in as the new chair. Powell's four-year term officially concludes on the same day he takes on this temporary role. The Federal Reserve's decision, which received a 5-1 vote, aligns with past practices during transitions between chairs. Fed Governor Stephen Miran opposed the action, while Vice Chair for Supervision Michelle Bowman abstained from voting. Both Miran and Bowman expressed concerns regarding the duration of Powell's interim position, advocating for a limited timeframe of at least one week, but potentially extending to a month to accommodate any delays in Warsh's swearing-in. They indicated that if Warsh is not sworn in within this period, the board should revisit Powell's interim designation through another vote or presidential action. Warsh's official commission requires the signature of President Donald Trump, and he has pledged to divest considerable financial assets before taking office.