Jerome Powell says he will continue to serve as a Fed governor, calls Trump criticism 'unprecedented'
Federal Reserve Chair Jerome Powell announced he will remain on the Board of Governors after his term as chair ends on May 15, citing the need to see through the investigation into the Fed's headquarters renovation with transparency. He emphasized his commitment to the institution's independence, calling former President Donald Trump's criticism of him 'unprecedented' and harmful to public trust in the central bank. Powell's decision to stay prevents Trump from gaining a majority on the board for now, as he plans to serve as a governor while maintaining a low profile after Kevin Warsh's expected confirmation as the new chair.
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Federal Reserve Chair Jerome Powell on Wednesday said he will stay on the Board of Governors for an indefinite period while a probe into the renovation of the central bank's headquarters continues."I've said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I'm encouraged by recent developments, and I'm watching the remaining steps in this process carefully," Powell said near the beginning of his post-meeting news conference."My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve after my term as chair ends on May 15, and will continue to serve as a governor for a period of time to be determined," he added.By…
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