Federal Reserve chairman Jerome Powell today said he does not intend to leave his position until the investigation promoted by Donald Trump is concluded, indicating he may remain in the role beyond May.
“I have no intention of leaving the Fed Board of Governors until the investigation is truly closed, with transparency and conclusion,” Powell said at his press conference following the Federal Open Market Committee (FOMC) meeting.
The Justice Department opened an investigation against Powell over above-budget costs in renovation works at the Fed’s Washington headquarters, though the central bank chief believes the investigation is motivated by Trump’s attempts to pressure him into leaving and agreeing to accelerate interest rate cuts.
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“If my successor is not confirmed by the end of my term as chairman, I will remain in the role on a pro tempore basis until confirmed,” Powell clarified, with his term ending in May. Trump has nominated former governor Kevin Warsh as the next Fed chairman, but Senate confirmation hearings have not yet taken place, meaning his appointment vote may be delayed.
Powell also said he has not yet decided whether he will continue as a governor (rather than chairman) after the end of his term.
