Federal Reserve Chair Jerome Powell said he'll remain at the central bank as a governor after his term as chair ends.
"After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined," Powell said Wednesday at a press conference.
While Powell's term as Fed chair ends on May 15, his seat on the Board of Governors doesn't expire until 2028.
"I plan to keep a low profile as a governor," he said. "There is only ever one chair of the Federal Reserve Board. When Kevin Warsh is confirmed and sworn in, he will be that chair."
A decision by the Justice Department last week to drop a controversial criminal investigation into building-renovation cost overruns at the Fed's headquarters in Washington has cleared the way for the confirmation of Kevin Warsh, President Donald Trump's pick to replace Powell as Fed chair.
"My concern is legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors," Powell said.
Powell in March said he planned to stay at the central bank until the Justice Department investigation into him and the central bank is complete.
Credit: Diego M. Radzinschi/ALM
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