Federal Reserve Chairman Jerome Powell said that he will not leave the Fed until the Justice Department investigation into him has ended.
Powell, speaking at a news conference on Wednesday, was asked about whether he will stay on the board of the central bank after his term as chairman concludes in May. He said he would and added that he would stay on the Fed’s Board of Governors as long as the investigation is ongoing.
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“I have no intention of leaving the board until the investigation is well and truly over with transparency and finality,” Powell told reporters.
Powell’s term on the Fed board does not end until 2028. Traditionally, Fed chairmen retire from the board after their term as chairman is up, allowing the president to fill the vacancy. Powell’s situation is unusual, though, given the investigation.
Powell said he still has not made up his mind about whether he will remain on the board after the investigation ends.
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“I will make that decision based on what I think is best for the institution and for the people we serve,” the chairman said.
In January, Powell disclosed a Justice Department investigation into his testimony about cost overruns on a Fed construction project and said that the inquiry was an effort by Trump to sway him to change interest rate policy.
