Powell Confirms He Will Remain at the Fed as Governor After May 15
Federal Reserve Chairman Jerome Powell said he will remain at the central bank as governor after his term as chairman ends on May 15. In a press conference Wednesday (April 20), Powell said his term as governor will continue “for a period to be determined,” given that his seat on the Board of Governors does not expire until 2028.
Powell emphasized that he will take on a lesser role after the leadership change. “There can only be one Fed chairman,” he said, adding that once Kevin Warsh is confirmed and sworn in, Warsh will take the helm. This statement makes it clear that Powell does not intend to be central to monetary policy decision-making after the chairmanship transition.
Warsh's path to the chairmanship became clearer after the Justice Department last week dropped a criminal investigation into cost overruns over renovations to the Fed headquarters building—an issue that had previously posed a political obstacle to his confirmation process. Powell said his concern was that “legal attacks” on the Fed could impair the central bank’s ability to conduct policy without political considerations. (Arl)*
Source: Newsmaker.id
