← Chronicle · Succession · May 22, 2026

Jerome Powell Transitions from Federal Reserve Chair to Governor

Jerome Powell’s tenure as Chair of the Federal Reserve ended with Kevin Warsh taking office on May 22, 2026, following Warsh’s Senate confirmation on May 13, 2026 (54–45; see the May 13, 2026 entry). Powell did not leave the institution: he remains a member of the Board of Governors, with a governor’s term running to January 2028 — a former chair continuing to sit and vote alongside his successor, an arrangement not seen at the Federal Reserve in nearly 80 years.

The arrangement set up the defining tension of Warsh’s early tenure, recorded elsewhere in this chronicle: a President publicly demanding rate cuts, a new Chair who in September 2026 raised rates instead (see the September 16, 2026 entry), and the former Chair still at the table as a governor throughout.

Sources: Senate confirmation record, May 13, 2026, and Federal Reserve (Warsh took office May 22, 2026; Powell remains a Governor), as banked in the May 13, 2026 chronicle entry; Trump Team Report roster audit, research cluster D (banked 2026-10-18): Powell remains Governor to January 2028.