WASHINGTON (AP) — Jerome Powell says he plans to remain on the board of the Federal Reserve after his term as chair ends next month “for an undetermined period of time.”
He cited the recent legal actions taken by the Trump administration against the Fed as his reason for staying on. The Fed Wednesday left its benchmark interest rate unchanged for the third straight meeting but signaled it could still cut rates in the coming months, moves that attracted the most dissents since October 1992. The Senate Banking Committee earlier approved Powell’s successor as chair, Trump appointee Kevin Warsh, on a party-line vote.