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Federal Reserve Chair Jerome Powell announced on Wednesday that he will not vacate his seat on the central bank’s governing board until a Justice Department investigation into headquarters renovation costs is fully resolved.
Despite escalating political pressure and repeated public criticism from President Donald Trump, Powell emphasised his commitment to staying until the probe concludes with “transparency and finality.”
While his four-year term as chair expires this May, his separate 14-year term as a Fed governor allows him to remain at the institution until 2028.
The investigation, led by U.S. Attorney Jeanine Pirro, has recently faced significant legal setbacks.
Last week, a federal judge quashed the Department of Justice’s subpoenas, describing the evidence against Powell as “essentially zero” and labelling the probe a pretextual tactic to influence interest rate decisions.
Despite the ruling, the Trump administration has vowed to appeal, further complicating the transition to the president’s hand-picked successor, Kevin Warsh.
The path to Warsh’s confirmation remains blocked in the Senate, where a key Republican, Thom Tillis, has vowed to oppose all Fed nominees until the investigation into Powell is dropped.
Tillis, a member of the Banking Committee, argued that the probe undermines the central bank’s independence, particularly as it navigates the economic fallout of the conflict in Iran.
Powell confirmed he will continue to serve as chair until a successor is officially confirmed, maintaining traditional protocol during this period of high-stakes political and legal friction.
