Powell to Continue Serving as Fed Governor After Term Expires
Federal Reserve Chair Jerome Powell announced he will continue serving as a Fed governor after his chair term ends next month, citing unprecedented legal attacks from the Trump administration. The Fed held interest rates steady in its latest meeting. President Trump criticized Powell, saying he cannot find another job.
upi.comFederal Reserve Chair Jerome Powell stated he will remain on the central bank's board as a governor after his term as chair concludes next month. He cited concerns over unprecedented legal attacks from the Trump administration that threaten the Fed's independence.
The decision comes as the Fed decided to leave interest rates unchanged for the third straight meeting amid rising energy costs and economic uncertainties. Powell's term as chair ends in May 2026, but his position as a governor extends until January 2028.
He indicated he would keep a low profile and step down when appropriate, without specifying a timeline. This move denies the Trump administration an immediate vacancy on the board.
The Federal Reserve held its benchmark interest rate steady during what is likely Powell's final meeting as chair. The vote was split 8-4, with officials citing varying reasons including higher energy prices, an uncertain labor market, and potential tariff changes.
No changes were made despite these factors. Former Federal Reserve Vice Chairman Roger Ferguson commented that Powell hopes to clear his name once and for all by staying on, amid an ongoing probe into the renovation of the central bank's headquarters.
and Nomination Process President
This reflects ongoing clashes between Trump and Powell.
“Jerome 'Too Late' Powell wants to stay at the Fed because he can't get a job anywhere else. Republicans supported Warsh, while Democrats opposed him.”
