Powell Won't Leave! Continues as Director After Resigning as Chair, Trump Mocks in Post

On April 29th, local time, Federal Reserve Chair Jerome Powell announced after the policy meeting that he will remain as a director after stepping down as chair. This decision breaks the long-standing tradition of successive chairs leaving simultaneously when passing the baton.
Powell stated that this arrangement has nothing to do with verbal criticism from government officials, but because the Department of Justice's criminal investigation into the Federal Reserve building renovation project has not yet been fully concluded. He hopes to ensure that related matters are handled "completely and transparently" before leaving.
However, Powell's statement immediately drew strong opposition from the Trump administration. Treasury Secretary Scott Bessent publicly accused Powell of "violating all Federal Reserve practices."
Trump mocked Powell on social media, saying he "can't find any job elsewhere, no one wants him." Previously, Trump had repeatedly threatened to dismiss Powell if he did not resign after his term as chair ended.
The root of this political game lies in complex legal and nomination procedures. In January, the U.S. Department of Justice launched a criminal investigation into Powell regarding issues related to the Federal Reserve headquarters renovation project. In March, the District of Columbia Federal District Court dismissed these subpoenas.
By April 24th, the Department of Justice announced a pause on the criminal investigation into Powell. The public widely believes this move is to pave the way for Kevin Wirth, Trump's nominee for the next Federal Reserve chair, to succeed.
However, Republican Senator Tom Tillis has publicly stated that he will continue to block the Senate's approval of Wirth's nomination until the investigation into Powell is fully resolved.
Tillis, a member of the Senate Banking Committee, holds a key vote on Wirth's nomination. This political deadlock means Powell may continue to serve as acting chair after his term ends until the new chair's nomination is confirmed.
While announcing his continued service as a director, Powell said he will serve in a "low-profile" manner and will not interfere with Wirth's leadership of the Federal Open Market Committee (FOMC).
Powell also emphasized that the Federal Reserve Board has only one chair, and when Kevin Wirth is confirmed and sworn in, he will become the new Federal Reserve chair.