Jerome Powell is not quite done running the Federal Reserve yet.
The Federal Reserve Board voted on Friday to designate Jerome Powell as chair pro tempore until Kevin Warsh is sworn in as the new chair. The move was announced in a terse press release: “This temporary action to name the incumbent as chair pro tempore is consistent with past practice during similar transitions between chairs.”
The press release did not explain what statutory authority the Board was relying on. Nor did it address the fact that the claim of consistency with precedent is, in critical respects, unsupported by the historical record.
The Federal Reserve Act does not…
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