This file photo taken on April 29, 2026 shows Jerome Powell speaking at a press conference in Washington, D.C., the United States. The U.S. Federal Reserve Board said on Friday that Jerome Powell has been named as interim Fed chair until Kevin Warsh is sworn in as the new chair. (Photo: Xinhua)

NEW YORK, May 15 (Xinhua) -- The U.S. Federal Reserve Board said on Friday that Jerome Powell has been named as interim Fed chair until Kevin Warsh is sworn in as the new chair.

Naming the incumbent as chair pro tempore is consistent with past practice during similar leadership transitions, according to a press release posted on the Federal Reserve's website.

Powell's second four-year term as Fed chair officially ends on Friday, two days after his successor was confirmed by the U.S. Senate as the Fed's next chair.

Powell said he would remain on the Federal Reserve Board as a governor for a period to be determined, citing concerns over the independence of the central bank.

Powell's current term as Fed governor runs through January 2028.

Powell had previously faced a Justice Department criminal investigation over his handling of renovations at the Fed's headquarters in Washington, D.C. The investigation was later referred to the Fed's own inspector general after a Republican senator threatened to block all Fed chair nominees from U.S. President Donald Trump.