Powell sworn in as Fed chair for 2nd term

Incumbent Federal Reserve Chairman Jerome Powell was sworn in May 23 for a second term that ends May 15, 2026.

Powell will remain a member of the board until Jan. 31, 2028.

President Joe Biden nominated Powell in November 2021 to continue spearheading the central bank for a second successive term, amid rising inflation in the country. He was confirmed by the U.S. Senate on May 12.

Along with Powell's oath, Lael Brainard took the oath as vice chair of the Fed Board of Governors. Brainard's term as vice chair will end May 15, 2026.

Brainard was confirmed by the Senate on April 26.

Additionally, Lisa Cook and Philip Jefferson were sworn in as members of the board.

Cook's term expires Jan. 31, 2024, and Jefferson's term as board member will expire Jan. 31, 2036.