Posted on 05/15/2026 10:00:52 PM PDT by Red Badger
Jerome Powell is not quite done running the Federal Reserve yet.
The Federal Reserve Board voted on Friday to designate Jerome Powell as chair pro tempore until Kevin Warsh is sworn in as the new chair. The move was announced in a terse press release: “This temporary action to name the incumbent as chair pro tempore is consistent with past practice during similar transitions between chairs.”
The press release did not explain what statutory authority the Board was relying on. Nor did it address the fact that the claim of consistency with precedent is, in critical respects, unsupported by the historical record.
The Federal Reserve Act does not provide an express mechanism for filling a chair vacancy. Instead, it provides that if the chair is “absent,” the vice chair may preside over Board meetings. If both the chair and vice chair are absent, “the Board may elect one of its members to serve as chair pro tempore.”
The Board’s Friday action does not fit this language. Vice Chair Philip Jefferson is not absent. He voted for the appointment. The statute contemplates temporary absence from a meeting, not a vacancy in the chair position itself caused by the expiration of a term.
The Board has not publicly explained what statutory authority it was relying on. No statement from the Federal Reserve’s general counsel or from Board leadership has articulated a legal basis for the action. Over the past few months, Powell has frequently claimed, without evidence, that he would remain chairman even after his term expired if a successor was not confirmed.
(Excerpt) Read more at breitbart.com ...
There are files to be burned.
Markets like stability.
Trump needs to Indiana Jones up, look at powell directly, smirk, shaking his head and Fire That Deep State Traitor.
“Markets like stability.”
Time flies like an arrow.
Fruit flies like a banana...............
Further evidence that the Federal Reserve System is our true government.
Proves the adage: “He who holds the Gold makes the Rules.”
Let me guess.
A totally normal procedure that is part of the process and everyone knows it .
But a website creates a fake clickbait story to outrage people.
Exactly, why wouldn’t he hold the position until his replacement takes office??
I cannot imagine these days that this is an effective strategy for getting followers. Me, whenever I see this on X I immediately mute the account. Too much comes in to put up with fakenews.
Dollar was worth a Dollar in 1913, now worth 3 cents. 😡😡
Had to look that up. Groucho Marx. I like it.
This a big “FU” to Trump.
Ding! Ding! Ding! We have a winner!
Seriously, a lot of people, on this site, and elsewhere, find ways to get outraged over perfectly normal things, because they make wrong assumptions with incomplete information.
Jerome Powell is on his way out the door, but someone has to fill his position until his successor is sworn in. Unless someone can show that this is unprecedented, I’m going to assume this is a routine administrative procedure to keep someone around to sign the routine paperwork that comes with the job.
Does the Senate approve Fed Governors who refuse to disclose (or defend) their basic monetary philosophy?
Of course not.
Finally...
Why do no U.S. Senators, and no Fed Governors, care that current Federal Reserve building renovations cost at least $1 billion more (!) than usual downtown Washington D.C. construction?
The ongoing conniptions about Powell are meaningless.
The new, Warsh-led Fed will not be lowering rates anytime soon, and if anything, the next move will be a rate hike.
Insubordination is a meaningless accusation insofar as the Fed doesn’t take orders from the Executive branch.
You can care about this overrun as much as you want, but that doesn’t mean it indicates criminal behavior.
When was the last time a general an admiral was charged for a multi-billion dollar overrun?
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