Powell's reappointment as a Federal Reserve Board member is not unprecedented

Coin World News: It is uncommon, though not without precedent, for Powell to decide to remain as a governor after his term as Federal Reserve Chair ends. Most modern Federal Reserve Chairs leave the Board of Governors after their terms end. Powell’s predecessor, Yellen, left the Federal Reserve in 2018 to join the Brookings Institution, and was later appointed Treasury Secretary for Biden in 2020. The only exception was Eccles, who served as Federal Reserve Chair from 1934 to 1948 and stayed on the board for another three years. On the question of how much power the White House should have in setting interest rates, Eccles clashed with Truman, and in that conflict he played a key role—an aftermath that ultimately secured the Fed’s modern independence. During his tenure as chair, Powell did not shy away from dealing with the political pressure the Fed faces. On Wednesday, he made it clear that his decision to remain was not due to any verbal attacks by politicians, but rather the result of legal actions taken against the Federal Reserve.