Federal Reserve Chair Powell May Remain on Board After Term Ends

Federal Reserve Chair Jerome Powell might continue to serve on the Federal Reserve Board after his term ends in May, according to recently disclosed documents. According to BlockBeats, these documents were part of a case where the Federal Reserve sought to prevent the Department of Justice from issuing subpoenas related to Powell's handling of renovations at the central bank's Washington headquarters. Last Friday, a district court judge ruled in favor of the Federal Reserve, blocking the subpoenas. During a debate opposing the Federal Reserve's motion, a Department of Justice lawyer revealed that during a January 29 meeting, Powell's attorney informed U.S. District Attorney Jeannine Pirro that Powell believes he would not leave the board if he remains under investigation, even after his term ends. However, if the criminal investigation concludes, Powell's situation might change, allowing him to focus on personal decisions. The documents also indicate that Powell's attorney mentioned that U.S. President Donald Trump, who has been pressuring Powell to lower interest rates, lacks sufficient Senate votes to confirm a new board chair. Powell's board term extends until January 2028, covering the upcoming November midterm elections and the final year of Trump's administration.