Back

Federal Reserve Says Jerome Powell Will Serve Briefly as Interim Chair

According to the Federal Reserve, Jerome Powell’s chair term expires Friday after 3,018 days, and he will briefly remain as interim chair until Kevin Warsh is formally sworn in.

Fact Check
The core claim that Jerome Powell's term as Federal Reserve Chair expires on May 15, 2026 is confirmed directly by the Federal Reserve's own official press release ('Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System'), which explicitly states his second term ends on May 15, 2026. This is further corroborated by the Brookings Institution, multiple news sources, and contemporaneous X posts from May 14-15, 2026. The '3,018 days' figure is a minor point of imprecision: Powell was sworn in on February 5, 2018, and May 15, 2026 represents approximately 3,021 days inclusive, making the stated count off by roughly 3 days depending on counting convention (whether the start or end day is included). This small numerical discrepancy does not undermine the overall claim, which is substantively accurate.
Summary

Jerome Powell’s term as chair of the Federal Reserve expires Friday after 3,018 days in office, but the Federal Reserve said he will temporarily continue as interim chair until Kevin Warsh is formally sworn in. The central bank described the arrangement as a procedural handover that follows past practice and is intended to preserve leadership continuity rather than signal a policy change. Because Federal Reserve decisions influence interest rates, liquidity, and broader financial markets, the transition is relevant to traditional assets and crypto markets that often react to U.S. monetary policy shifts.

Terms & Concepts
  • Federal Reserve (U.S. central bank): The central bank of the United States, responsible for monetary policy, interest rates, financial stability, and bank oversight.
  • Monetary policy: Central bank actions that influence borrowing costs, money supply, liquidity, and broader economic conditions.
  • Interim chair: A temporary leadership role used to maintain continuity until a permanent or formally appointed chair is formally sworn in.