Federal Reserve Chair Jerome Powell plans to remain at the central bank as a governor when his term as chair ends May 15, and he promised Kevin Warsh he’ll “keep a low profile” once the nominee assumes the helm.
Powell, whose term as governor ends in 2028, said he will stay until an investigation into the Fed’s ongoing renovations is “well and truly over,” warning that “these attacks are battering the institution.”
When pressed on timing, Powell said: “I will leave when I think it’s appropriate to do so.”
The Senate Banking Committee advanced Warsh’s nomination in its first-ever party-line vote on a Fed chair Wednesday morning, with all Democrats except Sen. Raphael Warnock, D-Ga., skipping the vote altogether.
The Fed said Wednesday afternoon that it would leave interest rates unchanged, with three presidents dissenting on its bias toward future rate cuts.