The Federal Reserve appointed Powell as interim chairman until Powell is officially sworn in.

According to Finance and Economics App, the Federal Reserve announced on Friday the appointment of Powell as interim chairman of the Federal Reserve Board until the successor Wash is formally sworn in. According to the Federal Reserve statement, Powell's four-year term as chairman officially ended on Friday. Despite the fact that the U.S. Senate confirmed Wash as the next chairman of the Federal Reserve earlier this week, he has not yet completed the swearing-in process and has therefore not taken over the Federal Reserve.