Federal Reserve Chair Jerome Powell addressed the growing political pressure surrounding his position ahead of his departure as chair next month. The outgoing Fed leader explained why he chose to remain on the Board of Governors despite unprecedented criticism from the president who first appointed him.
Jerome Powell will stay on Fed Board despite Donald Trump’s attack
Federal Reserve Chair Jerome Powell announced Wednesday that he will continue serving as a Fed governor indefinitely, CNBC reported. Powell said he will remain on the Board of Governors while a probe into the central bank’s headquarters renovation continues. His term as chair ends on May 15, but he has two years remaining on his governor’s seat.
“I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that,” Powell said. He added that recent developments encouraged him, but he planned to watch the remaining steps carefully. Powell stated his decisions would be guided entirely by the institution’s best interest and the people it serves.
By staying on, Powell denies President Donald Trump a majority on the seven-member Board of Governors. Trump’s other appointees on the board include Christopher Waller and Michelle Bowman. Trump appointee Stephen Miran will leave after Kevin Warsh receives confirmation as Powell’s successor.
Powell congratulated Warsh, whose nomination cleared a pivotal hurdle when the Senate Banking Committee voted to advance him. “I plan to keep a low profile as a governor,” Powell said. “When Kevin Warsh is confirmed and sworn in, he will be that chair.”
Powell also addressed the intense criticism he has faced from Trump, who first appointed him during his initial term. He called the attacks “unprecedented in our 113-year history” and expressed concern about their institutional impact. “I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public,” he said.
U.S. Attorney Jeanine Pirro had subpoenaed Powell, but a court rejected the effort. Pirro recently referred the investigation to the Fed’s inspector general, removing the criminal element. “The things that have happened really in the last three months have, I think, left me no choice but to stay,” Powell said.
Originally reported by Vritti Johar on Mandatory.com.
