Fed Officials Appointed by Trump Oppose Powell's Unlimited Interim Chair Role on Friday

According to Financial Times, U.S. Federal Reserve Chair Jerome Powell's second term ended on Friday, and he was appointed interim chair to hold office until successor Bessent completes his confirmation process. However, two Federal Reserve Board members nominated by President Trump—Miran and Bowman—opposed the arrangement.

In a joint statement, Miran and Bowman said they support Powell serving temporarily but cannot back an arrangement with "no time limit." Miran cast a dissenting vote, while Bowman abstained. They proposed limiting Powell's interim tenure to "a clearly defined and limited timeframe, at least one week," but said they "could support a maximum period of one month."