Jerome Powell says he will remain on Fed board after chairmanship ends, calls Trump criticism ‘unprecedented’

Federal Reserve Chair Jerome Powell announced that he plans to remain on the Federal Reserve Board of Governors after his term as chair ends on May 15, saying recent legal developments have changed his retirement plans.

During a press conference on Wednesday, Powell said he intends to continue serving as a central bank governor for an indefinite period following the conclusion of his chairmanship, citing the investigation into the renovation of the central bank’s headquarters. 

“I had long planned to be retiring,” Powell said. “The things that have happened really in the last three months have, I think, left me no choice but to stay until I see them through at least that long.”

The Department of Justice launched an investigation in January into Powell’s testimony before Congress regarding renovations and cost overruns tied to the Federal Reserve’s headquarters. While the matter has since been referred to the Fed’s inspector general, the Trump administration has suggested the case could be revisited.

“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. “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.” 

Powell added that he intends to keep a “low profile” as governor. He further acknowledged the criticism he has faced from Trump, saying it is “unprecedented in our 113-year history.”

“I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policies without taking into consideration political factors,” he said. “It is so important for our economy, for the people that we serve, that they can depend, over time, on a central bank that operates that way, free of political influence.”