Powell reveals post-chair plans as Warsh inches closer

Federal Reserve Chair Jerome Powell said he plans to stay on at the central bank as a governor after his term as chair ends next month “for a period of time to be determined.”

“I have said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that,” he said at a press conference Wednesday following the Fed’s decision to hold interest rates steady.

“I’m encouraged by recent developments, and I’m watching the remaining steps in this process carefully.”

“My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve,” he added.

The Fed board includes seven members, called governors, three of whom are appointed by the president and confirmed by the Senate as chair, vice chair and vice chair of supervision.

Powell’s term as Fed chair ends in May, but his separate term as a Fed board member lasts through January 2028. He previously said he would stay on until the Department of Justice’s criminal investigation into his handling of Fed renovations........

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