Federal Reserve Chair Jerome Powell announced his transition plan, stating he will continue serving as a governor after his term ends on May 15, while Kevin Warsh will be confirmed as the new Chair and subsequently elected to chair the Federal Open Market Committee (FOMC).
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This is my last press conference as chair. After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. I plan to keep a low profile as a governor. There is only ever one chair of the Federal Reserve Board. When Kevin Worsh is confirmed and sworn in, he will be that chair. Once sworn in as board chair, his new colleagues will elect him to chair the FOMC.
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