Documents declassified last Friday revealed that lawyers for Federal Reserve Chairman Jerome Powell raised the possibility during a January meeting with the Justice Department that Powell might remain on the Federal Reserve Board of Governors after his term expires in May—a decision that would break with precedent. These documents are part of a case in which the Fed sought to block subpoenas from the Justice Department regarding a criminal investigation into Powell's handling of the central bank's Washington headquarters renovations. Last Friday, a district court judge ruled in favor of the Fed, blocking the subpoenas. In the debate against the Fed's motion, a Justice Department lawyer stated that at a meeting on January 29, Powell's lawyer told U.S. District Attorney Jeannine Pirro, "The Chairman (Powell) believes that if he is still under investigation, he will not leave the Board even after his term expires; and while he cannot assert the reverse, the image of the Chairman would be different if he were no longer facing a criminal investigation, at which point the Chairman would be free to make decisions focused on his family." (Reuters)