Jerome Powell announces plans to remain on the board of the Federal Reserve, citing a "series of legal attacks" on the central bank
Powell will stay at the Fed after his term ends. Federal Reserve Chairman Jerome Powell announced on Wednesday that he will remain at the Fed as a governor after his term expires next month.
Powell will stay at the Fed after his term ends
Federal Reserve Chairman Jerome Powell announced on Wednesday that he will remain at the Fed as a governor after his term expires next month, stating that he believes he has no choice but to stay amid a series of legal attacks that "strike at" the central bank.
"These legal actions by the administration are unprecedented in our 113-year history", Powell said. "I am concerned that these attacks are damaging the institution and jeopardizing what is truly important to the public, namely the ability to conduct monetary policy without political considerations".
He stated that he will remain "for a period of time that will be determined later".
Powell, whose term as chairman expires on May 15, did not specify additional timelines for his plans, only saying that he will leave "when I believe it is appropriate".
This move — which could allow Powell to continue shaping U.S. monetary policy with a vote until 2028 — immediately became a new flashpoint for President Trump and his team.
Powell has led the central bank for eight years, serving two terms as chairman. He was first nominated by Trump in 2018 and reappointed by former President Joe Biden.
Warsh, his likely successor, was confirmed earlier on Wednesday by the Senate Banking Committee, moving his nomination to a full Senate vote. However, Warsh does not intend to take Powell's position as governor; instead, he plans to take the seat currently held by Trump ally Stephen Moore.