Powell announces "not leaving," describes the legal actions of the Trump administration as an "unprecedented attack"

Golden Finance reports that on April 30th, just before the term expires on May 15th, Federal Reserve Chair Jerome Powell publicly stated after the Federal Open Market Committee meeting on Wednesday that he will remain at the Fed as a board member after stepping down as Chair, with his term extended until early 2028. This arrangement breaks the long-standing tradition of successive chairs leaving simultaneously when their successors take office. He directly linked this decision to external pressure, stating that legal actions from the Trump administration have constituted an “unprecedented attack.” In his view, these measures threaten the Fed’s ability to set monetary policy without political interference and undermine the institution’s stability itself.
A week before his statement, U.S. Department of Justice officials had already paused an investigation into whether their regulatory actions during the Fed building renovation involved criminal issues. Previously, a court halted a subpoena issued to the Fed in March, and the Senate had also threatened to indefinitely delay the confirmation process for Kevin Warsh. Powell said that this ongoing legal dispute left him “no choice” but to continue serving until the relevant issues are “fully and transparently” resolved. He also emphasized that he would serve in a “low-profile” manner and would not interfere with Warsh’s leadership of the Federal Open Market Committee (FOMC). (East New Agency)