Powell: I'm not leaving |
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:
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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.
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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:
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Business and economic news we’ve flagged from other outlets:
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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