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 staying on, Powell for the moment is denying President Donald Trump a majority on the Board of Governors. Trump’s other appointees on the seven-member board include Christopher Waller and Michelle Bowman, along with Stephen Miran, whose term has expired but has continued to serve until a new member is confirmed.
The statement resolves for the moment a key question that hovered over the Federal Open Market Committee meeting.
