Powell: I’m not leaving

Powell pledges to stay at Fed while DOJ probe continues

The Fed chief made clear Wednesday he’s not going anywhere until the Justice Department ends its criminal case against him and the central bank.

Federal Reserve Chair Jerome Powell said Wednesday he would not step down as leader of the central bank until his successor is confirmed and would not leave the bank’s board of governors until the Trump administration concludes its criminal investigation.

During a Wednesday press conference, Powell confirmed that he would stay on the Fed board as chair pro tempore until the Senate confirms President Trump’s nominee to replace him, following the precedent by several past Fed chiefs.

Powell also served a brief stint as acting Fed chair under former President Biden, who renominated him for another four-year term leading the central bank in 2021.

Powell also said he would remain a member of the Fed board of governors until the Justice Department ends its criminal probe of his handling of renovations to the central bank’s headquarters in Washington, D.C., along with his June 2025 testimony about the matter before the Senate Banking Committee.

“I have no intention of leaving the Board until the investigation is well and truly over with transparency and finality,” Powell said Wednesday, shortly after the Fed kept rates steady.

Powell’s term as Fed chair ends in May, and Trump in January nominated former Fed board member Kevin Warsh to replace him.

But Powell’s separate term as a member of the Fed board does not run out until 2028, giving him the ability to stay at the Fed in a non-leadership capacity through the remainder of that stint.

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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Key business and economic news with implications this week and beyond:

Gas prices highest since 2023: AAA

Regular gas prices are at their highest since 2023 amid the U.S. and Israeli conflict against Iran, according to AAA, The Associated Press reported.

Mark Cuban says Trump Rx saving people ‘a lot of money’ on some drugs

Billionaire enterpreneur Mark Cuban on Wednesday touted the federal government’s TrumpRx drug platform, saying the initiative is saving Americans money. 

Fed keeps rates steady as Iran conflict roils economy

The Federal Reserve held interest rates steady Wednesday as bankers stared down the evolving economic blowback from the war in Iran.

Branch out with more stories from the day:

Your holiday gift returns might go to a landfill. Here’s what you can do about it

Roughly a third of the time, returns don’t make their way to another consumer. Because frequently, …

Business and economic news we’ve flagged from other outlets:

Stock futures tick down after Dow falls to fresh 2026 low (CNBC)

Inside Jeffrey Epstein’s Push to Cleanse His Past Online (NYT)

Opinions related to business and economic issues submitted to The Hill:

Democrats must strike a sharp blow against economic royalists and win back middle America

America can stay solvent — but only by making people redundant

You’re all caught up. See you tomorrow! 

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