The Federal Reserve appointed Powell as interim chairman until Yellen formally sworn in.

The Federal Reserve announced on Friday the appointment of Powell as the temporary chairman of the Federal Reserve Board until his successor, Wash, is officially sworn in. According to the Federal Reserve statement, Powell's four-year term as chairman officially ended on Friday. Although the US Senate confirmed Wash earlier this week as the next Federal Reserve chairman, he has not completed the swearing-in process and has therefore not yet taken over the Federal Reserve. The Federal Reserve stated: "Appointing the current chairman as the temporary chairman during the transition period is in line with past practices in similar transition periods." The vote result was 5 in favor and 1 against. Federal Reserve Board member Milan voted against, while Federal Reserve Vice Chairman Bowman, who is responsible for regulatory affairs, chose to abstain. A Federal Reserve spokesperson declined to disclose when Wash would be officially sworn in. According to the procedure, US President Trump needs to first sign Wash's formal appointment documents before he can officially take office. Meanwhile, Wash has also promised to divest himself of significant financial assets before assuming office. In a joint statement, Bowman and Milan stated that they support Powell's temporary chairmanship but believe that this arrangement should have a clear time limit. They pointed out: "Given that the successor has been confirmed and will be sworn in soon, we believe the temporary chairmanship arrangement should be limited to a specific period, at least one week, with the option to extend up to one month if necessary to address potential delays." They also stated that if the new chairman has not officially taken office during this period, the temporary chairmanship arrangement should be put to another vote by the Federal Reserve Board or further action by the President. In the statement, they emphasized that they had discussed this issue with the Federal Reserve's general counsel earlier. The statement said: "Since we do not support an indefinite temporary chairmanship arrangement, we cannot support the current decision."