“So if my successor is not confirmed by the end of my term as chair, I would serve as chair pro tem until he is confirmed. That is what the law calls for. That’s what we’ve done on several occasions, including involving me. And it’s what we’re going to do in this situation.”
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Powell further added, “And while I’m at it, on the question of whether I will leave while the investigation is ongoing, I have no intention of leaving the board until the investigation is well and truly over with transparency and finality. And I would refer you to the statement that was in the Fed’s brief that you all have seen, and I won’t have anything more for you on that.”On the question of whether I will then continue to serve as a governor after my term ends and after the investigation is over, I have not made that decision yet, and I will make that decision based on what I think is best for the institution and for the people we serve. Figuring that you probably were going to set the dominoes off there.”, the US Fed chair added.
May marks the end of Powell’s tenure as Fed chief. President Donald Trump has nominated former Fed Governor Kevin Warsh to replace Powell, although the Senate has not yet confirmed Warsh. It’s unclear when he might be confirmed, and the process won’t likely proceed until the US Department of Justice’s criminal investigation into the central bank is finished.
Concerned by higher-than-expected inflation and uncertainty surrounding the ongoing US-Iran war, the Fed decided to leave interest rates unchanged on Wednesday.
(Edited by : Juviraj Anchil)
