US EditionJerome Powell says he will continue to serve as a Fed governor even after chairmanship ends
- 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.
224 Articles
224 Articles
Associated Press News
Unorthodox leadership change at the Fed: Warsh on deck while Powell remains
President Trump’s pick to lead the Federal Reserve, Kevin Warsh, has said he wants to bring “regime change” to the central bank, but if confirmed by the Senate he will find a Fed already transformed by the White House’s attacks.
Powell to stay at Fed after chairmanship ends
What happenedFederal Reserve Chair Jerome Powell said Wednesday he will remain on the Fed Board of Governors “for a period of time to be determined” after his term as chair expires May 15. His announcement came at the end of a two-day policy meeting in which the Fed voted to keep rates unchanged, and shortly after the Senate Banking Committee voted along party lines to advance Kevin Warsh’s nomination to succeed Powell. Who said whatPowell’s “de…
Winnipeg Free Press
Federal Reserve faces unorthodox leadership change: Warsh enters, Powell remains
Breaking News, Sports, Manitoba, Canada
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