US Federal Reserve Chair Jerome Powell departs following his final press conference following a two-day meeting of the Federal Open Market Committee, in Washington, DC, April 29, 2026. KEVIN LAMARQUE / REUTERS
Jerome Powell plans to remain on the board of the Federal Reserve after his term as chair ends next month "for an undetermined period of time," saying the "unprecedented" legal attacks by the Trump administration have put the independence of the nation's central bank at risk. "I worry these attacks are battering this institution and putting at risk the things that really matter to the public," Powell said in fairly candid remarks at a press conference after the Fed announced its decision to keep its benchmark interest rate unchanged.
Powell's decision to stay denies President Donald Trump a chance to fill a seat on the central bank's seven-member governing board with his own appointee. The Senate Banking Committee earlier approved Powell's successor as chair, Trump appointee Kevin Warsh , on a party-line vote. Powell would continue as a Fed governor, possibly until January 2028.
US Attorney for the District of Columbia Jeanine Pirro said on X Friday that her office was ending its probe into the Fed's extensive building renovations because the Fed's inspector general would scrutinize them instead. But she added that her office could reopen the investigation if "the facts warrant doing so." Apparently that didn't bring Powell the closure he felt is needed. "I'm waiting for the investigation to be well and truly over with finality and transparency," he said. "I'm waiting for that and i will leave when i think it appropriate to do so."
