Powell explains decision to stay on Fed board

Federal Reserve Chair Jerome Powell said Wednesday he will remain on the Fed board after his term as chair expires on May 15 due to concerns about maintaining the central bank’s independence, denying it was a political calculation.

“My concern is really about the series of illegal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors,” he said at a news conference, calling the Trump administration’s legal actions “unprecedented” in the Fed’s history.

“I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors.”

Mr. Powell, whose term as a Fed governor extends through 2028, denied he was staying on the board to deny President Trump the opportunity to quickly replace him.

“I’m literally staying because of the actions that have been taken,” he told reporters. “I had long planned to be retiring. And, you know, the things that have happened in really the last three months I think have left me no choice but to stay until I see them through at least that long.”

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