Jerome Powell will have his hands full now that he has become chairman of the Federal Reserve.

Powell, who was sworn in Monday, is the 16th person to hold the position. He faces an immediate set of challenges: a wobbly stock market, rising interest rates and the fallout from one of his predecessor's final acts.

Powell, 65, took the oath of office at 9 a.m. ET, succeeding Janet Yellen, who left the position Friday after serving a four-year term. President Donald Trump chose not to reappoint Yellen and instead turned to Powell, a former Fed governor expected mostly to continue to current Fed path.

Powell also takes over the policymaking Federal Open Market Committee at a time when it has multiple holes to fill. Yellen's departure leaves four vacancies on the seven-member FOMC. Trump has nominated Carnegie Mellon economist Marvin Goodfriend for one opening.

Read more in CNBC.