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Federal Reserve Chair Jerome Powell said on 30 April (Vietnam time) that he will remain on the Board of Governors for an extended period, while an investigation into the renovation of the central bank’s headquarters is still ongoing.
Powell said at the start of the press briefing after the policy meeting: “I have said I would not leave the Board until this investigation ends transparently and decisively, and I still hold that view. I am encouraged by recent developments and am closely watching the remaining steps in this process.”
He added that after the chair term ends on May 15, he will continue to serve as a Governor for an undetermined period, stating: “My decisions will be based entirely on what I believe is best for the organization and those we serve.”
Powell’s decision to stay is expected to limit President Donald Trump’s ability to secure a majority on the Fed’s Board of Governors. The Trump-appointed members currently include Christopher Waller, Michelle Bowman, and Stephen Miran, who is expected to depart after Kevin Warsh is confirmed by the Senate.
Powell’s move also partially reduces uncertainty around the Federal Open Market Committee (FOMC) meeting, where markets had been nearly certain the Fed would hold rates, with attention focused on Powell’s future. Although the chair term ends next month, Powell still has about two years left as a governor.
Powell congratulated his successor, Kevin Warsh, noting that Warsh recently cleared a key step by being approved by the Senate Banking Committee to proceed to a full Senate vote.
Powell said he intends to “keep a low profile as a Governor,” adding: “There will be only one Chairman… When Kevin Warsh is confirmed and sworn in, he will be the Chairman of the Fed.”
Powell also addressed sharp criticisms from President Donald Trump, who initially appointed him. Powell said the personal criticisms are “unprecedented in the 113-year history” of the Fed and expressed concern about their impact on the institution.
He stated: “I worry these attacks are harming the institution and undermining what is truly important to the public, which is the ability to implement monetary policy without political interference.”
Powell emphasized that it is “extremely important for the economy and the people we serve — that they can trust a central bank that operates independently, not under political influence.”
The controversy has centered on a U.S. Department of Justice probe into the renovation project at the Fed’s headquarters. Federal prosecutor Jeanine Pirro previously summoned Powell, but the court rejected that move. Pirro said she would appeal, but has recently referred the matter to the Fed Inspector General, removing criminal elements and helping to clear political obstacles that could slow Warsh’s confirmation.
Even so, Pirro left open the possibility of reopening the investigation if evidence of wrongdoing emerges.
Powell said he had previously asserted he would remain until the investigation “truly ends.” While encouraged by recent developments, he decided to stay, saying events over the past three months left him with no alternative.
He said: “What has happened in the last three months left me with no choice but to stay, at least until I see this process completed.”
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