It's set to be Jerome Powell's last meeting as Fed chair -- as a big change looms
Jerome Powell is set to step down as Federal Reserve chair on May 15, though he will remain on the Fed's board for an undetermined period. His likely final meeting as chair was marked by a divided vote on holding interest rates steady and ongoing concerns about political pressure on the central bank. Kevin Warsh, President Trump's nominee to succeed Powell, has been endorsed by the Senate Banking Committee and pledged to maintain the Fed's independence.
- ▪Jerome Powell will step down as Fed chair on May 15 but remain on the central bank's board for a period of time to be determined.
- ▪The Senate Banking Committee voted 13-11 to endorse Kevin Warsh as the next Fed chair, with a full Senate confirmation vote expected soon.
- ▪Powell expressed concern over 'unprecedented' political attacks on the Fed, particularly a DOJ investigation widely seen as part of a White House effort to influence monetary policy.
- ▪The DOJ dropped its criminal investigation into the Fed, clearing the way for Warsh's confirmation after Sen. Thom Tillis lifted his hold on the vote.
- ▪Kevin Warsh stated during his confirmation hearing that President Trump did not pressure him to commit to specific interest rate cuts.
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Economy Jerome Powell to remain on Fed's board after stepping down as chair Updated April 29, 20263:12 PM ET Originally published April 29, 20265:00 AM ET Heard on All Things Considered Scott Horsley Jerome Powell to remain on Fed's board after stepping down as chair Listen · 3:37 3:37 Transcript Toggle more options Download Embed Embed <iframe src="https://www.npr.org/player/embed/nx-s1-5802911/nx-s1-9750449" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player"> Transcript Jerome Powell held what's likely to be his last meeting as Fed chair, with questions lingering about whether he'll opt to remain on the central bank's board.
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