Two Federal Reserve officials nominated by Trump oppose Powell’s “indefinite” tenure as the Fed’s interim chair

According to the UK’s Financial Times, two Federal Reserve Board members nominated by President Trump—Miran and Bowman—jointly opposed allowing Powell to serve as the Fed’s acting chair “indefinitely.” This disagreement highlights deepening political rifts within the central bank amid sustained pressure from the White House. Powell’s second term officially ended on Friday, May 15, and he was appointed acting chair to serve in that capacity until his official successor, Waller, assumes office. In a joint statement, Miran and Bowman said they support Powell serving as acting chair on a short-term basis in principle, but they cannot endorse an arrangement with “no time limit.” Miran cast a vote against the proposal, while Bowman abstained. The two recommended that such an arrangement be limited to a “clear and finite timeframe”—at least one week and up to one month.