Powell to remain on Fed board after chair term expires

Federal Reserve Chair Jerome Powell said Wednesday he “welcomed” the Justice Department’s announcement that it was ending its criminal investigation into him, but said he would remain on the Fed board until the matter is “well and truly over.”

“I’ve 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, noting that the DOJ left open the possibility of restarting its criminal probe.

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

Mr. Powell, whose term as Fed chair ends May 15, said he will continue to serve on the board “for a period of time to be determined.” His term as a Fed governor extends until 2028.

“I plan to keep a low profile as a governor,” he said. “There’s only ever one chair of the Federal Reserve Board. When Kevin Warsh is confirmed and sworn in, he will be that chair.”

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