Powell: If Investigated, Won't Step Down Even After Chairman's Term Ends

Odaily Planet Daily reports that documents declassified last Friday reveal that Federal Reserve Chair Jerome Powell’s lawyer suggested during a January meeting with the Department of Justice that Powell might continue to serve as a Federal Reserve Board member after his term ends in May — a decision that would break precedent.

These documents are part of a case in which the Federal Reserve attempted to block subpoenas related to a criminal investigation by the Department of Justice into Powell’s handling of the renovation of the central bank’s Washington headquarters. Last Friday, a district court judge ruled in favor of the Fed, blocking these subpoenas.

During the debate over the Fed’s motion, a Department of Justice lawyer stated that at a meeting on January 29, Powell’s lawyer told U.S. District Attorney Jeannine Pirro, “The Chair (Powell) believes that if he is still under investigation, he would not leave the Board even after his term ends; and although he cannot say otherwise, if he is no longer facing criminal investigation, the Chair’s image would be different, and he would be able to make decisions focused on his family.” (Reuters)