Federal Reserve Chair Jerome Powell announced he will continue serving as Fed governor “for a period of time to be determined” after his term as chair concludes May 15.
Powell cited a feeling of being compelled to stay because of ongoing legal challenges that are “battering” the central bank.
“These legal actions by the administration are unprecedented in our 113-year history,” Powell said. “I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors,” he said.
“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.”
The news came after the Fed’s latest meeting, during which US interest rates were kept steady. Powell announced that the Fed’s rate would remain between 3.5% and 3.75%.
Powell wished his Chair successor, Kevin Warsh, good luck and said, “I plan to keep a low profile as a governor… There’s only ever one chair of the Federal Reserve Board.”
Powell did not specify a timeline for his plans, only stating he will leave “when I think it is appropriate to do so.” Powell’s tenure as a Fed governor extends until 2028.
By CEO NA Editorial Staff
