Federal Reserve Board Member Milan: Powell should serve only a brief term as a director after stepping down as Chair

ME News message: On May 9 (UTC+8), Federal Reserve Board member Milan said on Friday that he hopes current Federal Reserve Chair Powell will serve only briefly as a board member after stepping down as chair. Milan said, “I think it’s important to ensure that this is only a transition period, and not that there is some ulterior motive behind Powell remaining as a board member.” After the meeting last week, Powell said that once his term as chair ends, he will continue to serve as a Federal Reserve Board member for a period of time, with his board term lasting until 2028. He said he hopes to see whether the Trump administration’s legal attacks on the Fed will stop. Although Powell’s continued stay on the Federal Reserve Board may, as Waller’s Fed reform plan advances, form a check-and-balance force supporting the status quo, Powell said last week, “I don’t want to be the kind of person who is a high-profile dissenter or anything like that.” Milan said, “It’s important to ensure that this is a transition period, rather than causing divisions of loyalty within the Fed,” and to avoid “people being unsure about who is actually in charge.” “That’s also why I believe that although Powell’s staying on might help with the transition, we still need to ensure that it’s only a transition period.” (Source: Jinshi)