Powell to Stay at Fed Board After Chair Term Ends, Citing Trump Attacks
Federal Reserve Chair Jerome Powell announced he will remain on the central bank's board after his term as chair ends next month, citing "unprecedented" legal attacks by the Trump administration. Speaking at a press conference following the Fed's decision to hold interest rates steady, Powell stated he plans to stay "for an undetermined period of time" and expressed concern that the attacks are "battering this institution." His decision prevents President Donald Trump from appointing a new board member. The Senate Banking Committee has already approved Kevin Warsh, a Trump appointee, as Powell's successor as chair. Powell could continue as a Fed governor until January 2028. Meanwhile, US Attorney Jeanine Pirro announced her office is ending its probe into the Fed's building renovations, deferring to the Fed's inspector general, but noted the investigation could reopen if warranted.
Key facts
- Jerome Powell plans to remain on the Federal Reserve board after his term as chair ends next month.
- Powell cited 'unprecedented' legal attacks by the Trump administration as a reason for staying.
- The Fed announced it would keep its benchmark interest rate steady.
- Powell's decision denies President Donald Trump a chance to fill a seat on the Fed's governing board.
- The Senate Banking Committee approved Kevin Warsh as Powell's successor as chair.
- Powell could continue as a Fed governor until January 2028.
- US Attorney Jeanine Pirro ended her office's probe into the Fed's building renovations.
- The investigation could be reopened if 'the facts warrant doing so.'
Entities
Institutions
- Federal Reserve
- Senate Banking Committee
- US Attorney for the District of Columbia
- Federal Reserve Board of Governors
Locations
- Washington, D.C.
- United States
Sources
- SCMP Culture —
- Quartz —