TechFlow News, May 17: According to the UK’s Financial Times, two Federal Reserve Board members nominated by President Trump—Michelle Bowman and Lisa Cook—jointly opposed allowing Jerome Powell to serve as the Fed’s acting chair “without time limits.”
This disagreement highlights deepening political fissures within the central bank amid ongoing pressure from the White House. Powell’s second term officially ended on Friday, May 15. He was appointed acting chair to fulfill duties until his successor, Philip Jefferson, assumes office.
In a joint statement, Bowman and Cook stated they support Powell serving as acting chair on a short-term basis in principle, but cannot endorse an arrangement “without time limits.” Cook cast a dissenting vote, 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.
