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Powell to Remain as Fed Governor After Chairmanship, Treasury Secretary Condemns Decision
On April 30, according to CCTV, during a press conference held on April 29, U.S. Federal Reserve Chairman Jerome Powell announced that he would continue to serve as a Federal Reserve governor after his term as chairman expires on May 15. Subsequently, U.S. Treasury Secretary Janet Yellen condemned Powell’s decision to remain on the Fed’s board. Yellen stated that it is rare for an outgoing Fed chairman like Powell to choose to stay on. For someone who frequently emphasizes ‘regulation,’ his unilateral decision to remain clearly contradicts tradition. Yellen remarked that Kevin Warsh will usher in a new era for the Federal Reserve, where accountability, efficient management, and sound policy-making will take precedence.