Powell Says He Will Stay On as Fed Governor After Term as Chair Ends
The New York Times • • general
Key Points:
- Jerome H. Powell announced he will remain a Federal Reserve governor after his term as chair ends on May 15, citing ongoing legal threats against him and the Fed as part of pressure from President Trump for lower borrowing costs.
- Powell expressed concern that these attacks jeopardize the Fed's ability to conduct monetary policy free from political influence, emphasizing his intention to maintain a low profile as a governor.
- This decision ends speculation about Powell's future and breaks tradition, as Fed chairs typically step down after their four-year terms unless reappointed; the last chair to stay on as governor did so in 1948.
- Powell's move highlights his worries about the Fed's independence amid increasing political pressure and challenges to the institution's autonomy.
