"After my term as Chair ends on May 15, I will continue to serve as a governor for a period of time, to be determined. I plan to keep a low profile as a governor."
"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."
"The DOJ also provided assurances it would not reopen the matter absent a criminal referral from the Fed's Inspector General."
"Powell's decision breaks that pattern for the first time in nearly eight decades, as the last exception was in 1948."
Jerome Powell's term as Chair of the Federal Reserve ends on May 15, but he will continue serving as a Governor until January 2028. This decision is historically significant, as Fed Chairs typically vacate their Governor seat after their Chair term. Powell's decision is influenced by a closed criminal investigation into the Fed's headquarters renovation, which he monitored closely. He expressed a commitment to remain on the Board until the investigation concludes with transparency and finality, while also congratulating Kevin Warsh, who is expected to be confirmed as his successor.
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