Politics
Jerome Powell to Stay on as Fed Governor
State of the Union: Powell will not leave the central bank’s board after his time as chair expires.
(Photo by Chip Somodevilla/Getty Images)
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Federal Reserve Chairman Jerome Powell said Wednesday he will remain on the central bank’s Board of Governors “for a period of time to be determined,” extending his influence over monetary policy after his term as chairman ends May 15.
Powell’s decision denies President Donald Trump an immediate vacancy on the powerful seven-member board. Speaking at his final news conference as Fed chair, Powell said he was concerned that “legal attacks on the Fed” threaten its ability to set policy free of political pressure.
Powell’s replacement as Federal Reserve chairman, Kevin Warsh, is currently going through the confirmation process in the Senate. Modern Fed chairs typically leave the board when their chairmanship ends.
