US EditionJerome Powell says he will continue to serve as a Fed governor even after chairmanship ends
Powell said he will remain a governor while a renovation probe continues, preserving a seat that could limit Trump’s influence on the central bank.
- On Wednesday, Federal Reserve Chair Jerome Powell announced he will remain on the Board of Governors indefinitely after his chairmanship ends May 15, citing an ongoing probe into the central bank's headquarters renovation.
- Powell, who has served eight years, is stepping down from the top post following an unusually turbulent period marked by frequent political attacks and a now-dropped Justice Department investigation.
- Powell emphasized his commitment to the institution, stating these legal actions are "unprecedented in our 113 year history," as he stressed the need to protect monetary policy from political factors.
- The Senate Banking Committee voted to advance Kevin Warsh as the new chair Wednesday, though critics like Sen. Elizabeth Warren worry he may act as a "sock puppet" for the President on rate cuts.
- With 12 voting members on the Board, Powell's continued presence could serve as a check on political pressure, ensuring rate decisions require majority consensus rather than unilateral action.
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174 Articles
Energy crisis and inflation concerns are also affecting the US economy, so the Federal Reserve has left the key interest rate untouched. Nevertheless, the meeting of currency keepers had two big surprises in store.[more]]>
Fed boss Powell, who is still in office, breaks with the US Central Bank's practices and continues to act on the Board of Governors for the time being, albeit in the background. President Trump is annoyed.
TimesDaily
Investment ExecutivePowell plans to stay on at Fed after his term as chair ends
WASHINGTON — Jerome Powell said he plans to remain on the board of the Federal Reserve after his term as chair ends next month “for an undetermined period of time,” citing the “unprecedented” legal attacks against the central bank by…
Jerome Powell will leave his post as President of the Central Bank on 15 May, but he will remain on the Board of Governors, to fight internally against the US President's attempts to interfere and to protect himself from the lawsuits against him.
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