Powell to remain on Fed board after term ends, preventing Trump appointment
Summary
Federal Reserve Chair Jerome Powell will leave his role as chair on May 15 but will stay on the Federal Reserve board as a governor. He said the Fed must remain independent from political influence to effectively manage the economy. President Donald Trump criticized Powell's decision to remain on the board.Key Facts
- Jerome Powell’s term as Fed chair ends on May 15, 2026.
- Powell will continue as a Federal Reserve governor even after leaving the chair position.
- Powell emphasized the importance of the Fed’s independence from political pressure.
- The Fed's goals include maximum employment and price stability.
- President Donald Trump mocked Powell, saying he stayed because he "can’t get a job anywhere else."
- Trump previously criticized Powell for not cutting interest rates enough and called him harsh names.
- The Justice Department investigated the Fed over renovation costs but dropped the probe.
- Powell said the Fed would lose credibility if it let politics influence its decisions.
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