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The US Federal Reserve has decided to mandate Jerome Powell to continue as interim head of the central bank after his official term ends on Friday. The decision comes as Kevin Warsh waits to be sworn in as the new president before President Trump, amid objections from two board members.
The US Federal Reserve made a decision to appoint Jerome Powell as interim head of the central bank, following the end of his official eight-year term last Friday. This temporary appointment is intended to ensure continuity of work at the Federal Reserve until Kevin Warsh is sworn in as the new chairman of the Foundation before US President Donald Trump, with the date of the swearing-in ceremony yet to be determined. The decision faced opposition Council members Steven Meran and Michelle Bauman, who issued a joint statement expressing their rejection of the measure, justifying their position by not setting a clear time frame for the transitional period. This development is an important transitional step in the history of the Federal Reserve, as the US Central Bank is witnessing a change in leadership amid aspirations for new monetary policies under the current US administration.
Source: Al-Wehda Al-Arabia News Portal
