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Powell defies Trump to stay on Fed board - Yahoo Finance
Jerome Powell has defied Donald Trump to stay on the Federal Reserve board after his term as the US central bank's chairman expires.
Powell says he will stay on Fed board after chair term ends ... - PBS
The Federal Reserve is transitioning to new leadership. Kevin Warsh, Trump’s pick for Fed chair, was confirmed by a Senate committee today, clearing the way for a full Senate vote. Jerome Powell said he’ll step aside when his term as chair ends in May, but will remain on the board of governors until that term ends in 2028. Amna Nawaz speaks with David Wessel of the Brookings Institution for more.Notice: Transcripts are machine and human generated and lightly edited for accuracy. They may contain errors. Amna Nawaz: The Federal Reserve held rates steady today, as expected, but it was a significant day for the central bank as it transitions to new leadership.Kevin Warsh, President Trump's pick for Fed chair, was confirmed in a Senate committee vote, clearing the way for a full Senate vote in mid-May. The central bank's current head, Jerome Powell, stated that he will step aside when his term is chair ends May 15, but he will remain on the Federal Reserve Board of Governors.Powell made clear today he was staying on to make sure that a probe into the Fed headquarters of renovations launched by the Trump administration is -- quote -- "well and truly over." He also addressed the persistent attacks from the president himself. Jerome Powell, Federal Reserve Chairman: I have never suggested that such a verbal criticism is a problem, and neither has anyone else here. But these legal actions by the administration are unprecedented in our 113-year history, and there are ongoing threats of additional such actions.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. Amna Nawaz: David Wessel of the Brookings Institution is tracking all of this as usual and joins me now.It's good to see you. David Wessel, Brookings Institution: Good to see you. Amna Nawaz: So Powell's decision to stay on the Federal Reserve Board of Governors even after his chairmanship ends, how unusual is that? David Wessel: It's unusual.The last time it happened was in 1948, when Marriner Eccles' term as chairman was up. But at that time, President Truman asked Eccles to stay on the board. That's the only time this happened before. It's pretty unusual.And, as you said, it's because he says, I'm staying until this criminal investigation of me and the building ends. You want me off the Federal Reserve Board, finish the investigation. Amn...
Powell plans to remain on Fed board, cites legal actions by Trump ...
Jerome Powell's decision — the first time a Fed chair will remain on the board as a governor since 1948 — denies President Trump a chance to fill a seat on the board with his appointee.
Powell to remain on Fed board after term ends, preventing Trump ...
US Federal Reserve Chair Jerome Powell on Wednesday urged central bank independence as he nears the end of his term on May 15. He said he would remain a Fed governor, drawing criticism from ...
