Two Trump-nominated Federal Reserve officials have objected to a move to allow Jay Powell to remain as the central bank’s chair indefinitely, highlighting political divides at an institution that has come under repeated attacks from the White House.
Powell, whose second term at the helm of the Fed expires on Friday, was named as chair pro tempore, filling in for Kevin Warsh until he officially becomes chair.
Stephen Miran and Michelle Bowman, both nominated to the Fed’s board by US President Donald Trump, said in a joint statement that while they supported Powell’s temporary designation as chair, the “unlimited timeframe” meant that they “cannot support this action”. Miran voted against the decision, while Bowman abstained.
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