Powell to remain in place until successor confirmed

Federal Reserve Chair Jerome Powell on Wednesday said he would stay on as the central bank's leader if his successor is not confirmed by the time his term as chair ends in May.

"If my successor is not confirmed by the end of my term as chair, I would serve as 'chair pro-tem' until he is confirmed. That is what the law calls for," he told reporters.

Sen. Thom Tillis (R-NC), a key member of the Banking Committee, has said he will not allow the nomination of Mr. Powell's designated successor, Kevin Warsh, to advance until the Justice Department's probe into Mr. Powell is ended.

A federal judge last week quashed two subpoenas issued to the Fed as part of an investigation into whether Mr. Powell lied to Congress about the central bank's renovation of its DC headquarters, finding that the DOJ had presented "essentially zero evidence" that Mr. Powell committed a crime. However, the DOJ said it intends to appeal the decision.

Mr. Powell said he would also stay in his Board of Governors position, which runs through early 2028, until the DOJ investigation was "well and truly over," and left open the possibility of staying on the board even beyond that point.

"I have not made that decision yet," he said. "I will make that decision based on what I think is best for the institution and for the people we serve."

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