Powell to Stay at Fed Until Probe Concludes, Defying Trump

Jerome Powell intends to remain at the Federal Reserve until the Justice Department’s investigation into his handling of renovations is complete. The current chair stated he would fulfill his duties until a successor is confirmed, citing legal requirements. Powell’s term as chair is set to expire in mid-May, however, his position on the Fed board extends until January 31, 2028. He affirmed his commitment to staying on the board if a new chair isn’t confirmed promptly. This decision comes as previous efforts to reshape the Federal Reserve have encountered legal and political obstacles. Powell will continue to lead the central bank through the ongoing investigation and any transition period.