Jerome Powell

Kevin Warsh

Federal Reserve

Chair

Trump's Fed

chair nominee

Warsh is confirmed by May 15, the last day of Powell’s term

Warsh isn’t confirmed by May 15, the last day of Powell’s term

Powell begins to serve as chair “pro-tempore”

Powell steps aside, Warsh becomes chair

Powell stays on the Fed's board, finishing separate term as a governor

Trump attempts to fire Powell, courts determine whether he can do that

Courts say Trump cannot fire the Fed chair

Courts say Trump can fire the Fed chair

Powell steps down from board

Powell stays as Fed chair "pro tempore" until a successor is confirmed by the Senate

Fed board could elevate Vice Chair Philip Jefferson to become Acting Fed chair

Trump could elevate Fed Governor Stephen Miran to Fed chair

Jerome Powell

Kevin Warsh

Federal Reserve

Chair

Trump's Fed

chair nominee

Warsh is confirmed by May 15, the last day of Powell’s term

Warsh isn’t confirmed by May 15, the last day of Powell’s term

Powell begins to serve as chair “pro-tempore”

Powell steps aside, Warsh becomes chair

Powell stays on the Fed's board, finishing separate term as a governor

Trump attempts to fire Powell, courts determine whether he can do that

Courts say Trump cannot fire the Fed chair

Courts say Trump can fire the Fed chair

Powell steps down from board

Powell stays as Fed chair "pro tempore" until a successor is confirmed by the Senate

Fed board could elevate Vice Chair Philip Jefferson to become Acting Fed chair

Trump could elevate Fed Governor Stephen Miran to Fed chair

Jerome Powell

Kevin Warsh

Federal Reserve Chair

Trump's Fed chair nominee

Warsh isn’t confirmed by May 15, the last day of Powell’s term

Warsh is confirmed by May 15, the last day of Powell’s term

Powell begins to serve as chair “pro-tempore”

Powell steps aside, Warsh becomes chair

Trump attempts to fire Powell, courts determine whether he can do that

Powell steps down from board

Powell stays on the Fed's board, finishing separate term as a governor

Courts say Trump cannot fire the Fed chair

Courts say Trump can fire the Fed chair

Powell stays as Fed chair "pro tempore" until a successor is confirmed by the Senate

Fed board could elevate Vice Chair Philip Jefferson to become Acting Fed chair

Trump could elevate Fed Governor Stephen Miran to Fed chair

Note: Fed chairs are nominated by the president and serve four-year terms.

Source: CNN reporting
Photo credits: US Federal Reserve, Brendan McDermid/Reuters

Graphic: Way Mullery, CNN