Powell: Legal Lawsuits Undermine Federal Reserve Independence, Forcing Him to Stay on as Governor

On April 30, Federal Reserve Chairman Powell stated at a press conference that he would continue to serve as a Federal Reserve governor “for a while” after stepping down as chairman. Powell noted that the Federal Reserve has faced unprecedented challenges over the past three months, and he is determined to defend its independence. He clarified that the challenges he referred to are not due to political criticism, but solely due to legal lawsuits. He said, “What has happened in the past three months has left me no choice but to stay on.” Powell mentioned that unless the federal inspector general refers a criminal case, the Department of Justice will not investigate him again. However, Powell expressed dissatisfaction with this situation, stating, “I will continue to serve as a Federal Reserve governor, with my term to be determined,” and promised to “keep a low profile.” (Jinshi)

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