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Federal Reserve Chair Jerome Powell announced Wednesday he will remain on the Fed\u2019s Board of Governors after his term as chair ends May 15, citing what he called \u201cunprecedented\u201d legal attacks on the central bank\u2019s independence by the Trump administration.<\/p>\n
\u201cMy concern is really about the series of legal attacks which threaten our ability to conduct monetary policy without considering political factors,\u201d Powell said at what is his final press conference as chair. \u201cThese legal actions by the administration are unprecedented in our 113-year history, and there are ongoing threats of additional such actions.\u201d<\/p>\n
The U.S. Attorney for the District of Columbia, Jeanine Pirro, closed a criminal investigation into Powell on Friday about the Fed\u2019s headquarters renovation, but said she would \u201cnot hesitate\u201d to restart it. Powell said the Justice Department had since provided assurances it would not reopen the investigation or issue new subpoenas, but said he was \u201cwatching the remaining steps in this process carefully.\u201d<\/p>\n
Powell did not specify how long he would stay, saying only that he would remain until \u201cthis investigation is well and truly over, with transparency and finality.\u201d He can technically remain a governor until January 2028. The decision blocks President Donald Trump from filling Powell\u2019s board seat with a more dovish nominee.\u00a0<\/p>\n
Powell\u2019s announcement followed the Fed\u2019s decision Wednesday to hold the federal funds rate steady in a range of 3.5% to 3.75% for a third consecutive meeting, with four officials dissenting. Hours earlier, the Senate Banking Committee voted 13-11 along party lines to advance Kevin Warsh, Trump\u2019s nominee, to a full Senate confirmation vote.<\/p>\n
Powell pushed back on the idea that staying on the board was political.<\/p>\n
\u201cI\u2019m literally staying because of the actions that have been taken. I had long planned to be retiring,\u201d Powell said. He cleared his throat. <\/p>\n
\u201cAnd the things that have happened in the last three months, they have left me no choice but to stay until I see them through, at least that long,\u201d he continued.<\/p>\n
He also said he plans to \u201ckeep a low profile\u201d as a governor and will not act as a shadow Fed chair. <\/p>\n
\u201cThe tradition is at the Fed that governors understand how difficult the role of chair is,\u201d he said. \u201cYou try to be heard, but also collaborate with the chair and support the chair when you can.\u201d<\/p>\n<\/div>\n
#left #choice #Powell #isnt #anywhereblocking #Trump #Fed #appointee<\/p>\n","protected":false},"excerpt":{"rendered":"
Federal Reserve Chair Jerome Powell announced Wednesday he will remain on the Fed\u2019s Board of Governors after his term as chair ends May 15, citing what he called \u201cunprecedented\u201d legal… <\/p>\n","protected":false},"author":1,"featured_media":823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1119,1120,1118,665,674,666,176,1115,868,667,430,668,1117,1033,260,1116],"class_list":["post-822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-anywhereblocking","tag-appointee","tag-choice","tag-donald-trump","tag-fed","tag-federal-reserve","tag-inflation","tag-interest-rates","tag-isnt","tag-jerome-powell","tag-jobs","tag-kevin-warsh","tag-left","tag-powell","tag-trump","tag-u-s-justice-department"],"_links":{"self":[{"href":"https:\/\/gw.adampg777.com\/index.php?rest_route=\/wp\/v2\/posts\/822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gw.adampg777.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gw.adampg777.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gw.adampg777.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gw.adampg777.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=822"}],"version-history":[{"count":0,"href":"https:\/\/gw.adampg777.com\/index.php?rest_route=\/wp\/v2\/posts\/822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gw.adampg777.com\/index.php?rest_route=\/wp\/v2\/media\/823"}],"wp:attachment":[{"href":"https:\/\/gw.adampg777.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gw.adampg777.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gw.adampg777.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}