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Powell: Legal lawsuits have dealt a severe blow to the Federal Reserve’s independence, forcing it to remain in office as a governor
BlockBeats News, April 30th, Federal Reserve Chairman Jerome Powell stated at a press conference that after he steps down as chairman, he will continue to serve as a Federal Reserve governor “for a period of time.” Powell pointed out that over the past three months, the Federal Reserve has suffered unprecedented setbacks, and he is determined to defend the independence of the Federal Reserve.
Powell explicitly stated that the setbacks he referred to are not political criticisms, but merely legal lawsuits. He said, “What has happened in the past three months leaves me with no choice but to stay.” Powell stated that unless the Federal Inspector General files criminal charges, the Department of Justice will not investigate him again.
However, Powell is not satisfied with this, saying, “I will continue to serve as a Federal Reserve governor, with a fixed term,” and promised to “stay low-key.” (Jin10)