Board of Governors of the Federal Reserve System

We support the temporary designation of Jay Powell as chair of the Board until Kevin Warsh can be sworn in to his term. However, as discussed with the Federal Reserve's general counsel, we have a unique situation unlike any historical precedent. In this case, the prior chair's term ends before the new chair, who has already been confirmed by the Senate, has been sworn in. Given that we have a confirmed nominee who will soon be sworn in, in our view, the election of a chair pro tempore should be limited to a finite time period of at least a week (but we would support a period up to a month to allow for possible delay). If the new chair is not sworn in during this timeframe, the temporary chair designation should be subject to renewal by another vote of the Board or potential presidential action. Given that we do not support an unlimited timeframe for temporary chair designation, we cannot support this action.