Kevin Warsh sworn in as Federal Reserve chair

Kevin Warsh will be sworn in as chair of the Federal Reserve on Friday during a ceremony at which President Donald Trump will administer the oath, according to CNBC.

At 56, Warsh will take his place as the 11th person to chair the Fed in its modern era, following Senate confirmation last week that brought to a close a selection process stretching back to the summer of 2025, according to CNBC.

Federal Reserve Chair Jerome Powell’s term as chair expired Friday, at which point the Federal Reserve Board named him chair pro tempore — a temporary designation consistent with past practice during transitions between chairs, the Fed said. Powell will hold that designation until Warsh is officially sworn in.

The path to Warsh’s swearing-in required two conditions to be met: President Donald Trump needed to execute an official commission bearing his signature, and Warsh needed to provide documentation showing he had sold certain financial assets. Pre-confirmation financial disclosures indicate that no one who has previously held the chairmanship came to it with greater personal wealth than Warsh, who faces a mandatory selloff of much of his investment holdings under strict rules that apply to Fed officials.

The Federal Reserve Board voted 5-1 to grant Powell the chair pro tempore designation, with Fed Governor Stephen Miran voting against and Vice Chair for Supervision Michelle Bowman abstaining. Miran and Bowman issued a joint statement arguing the designation should carry a hard deadline of no more than one month. The two governors noted that no prior chair transition had involved a Senate-confirmed replacement already waiting as the outgoing chair’s term expired. Miran’s resignation as governor is timed to take effect the moment Warsh is sworn in, at which point Warsh will assume Miran’s seat on the board.

Powell has said he intends to remain on the Board of Governors, where his appointment runs through January 2028. He has indicated he will not leave the board until he is satisfied that legal threats directed at him and the institution have fully passed. A Justice Department criminal investigation into cost overruns at the Fed’s Washington headquarters renovation was dropped last month after it complicated Warsh’s confirmation.

The Fed Warsh inherits is navigating a combination of persistent inflation and a resilient jobs market, conditions that analysts say give policymakers little incentive to cut rates until there is convincing evidence that price pressures are easing toward the central bank’s 2% target, according to CNBC.