Powell to Come Clean to Justice Department: Will Stay on as Governor if Investigated Post-Chairmanship

BlockBeats News, March 16th, according to Reuters, decrypted documents released last Friday revealed that Jerome Powell, Chair of the Federal Reserve, may continue to serve as a Fed governor after his term as chair ends in May—an unprecedented decision discussed by Powell's attorney during a January meeting with the Justice Department.

These documents are part of a case in which the Fed sought to block the Justice Department's criminal probe into Powell's handling of the central bank's Washington headquarters renovation. Last Friday, a district court judge ruled in favor of the Fed, halting the subpoenas. During arguments against the Fed's motion, a Justice Department lawyer stated that at a January 29th meeting, Powell's attorney told U.S. Attorney Jeannine Pirro, "The Chair (Powell) believes that if he remains under investigation, even after his term ends, he would not leave the Board; and although he could not assert the inverse, the Chair would have a different image if he were no longer under criminal investigation, at which point he could make family-focused decisions freely."

According to the documents, Powell's attorney also noted that in the current situation, President Trump, who has been pressuring Powell to cut rates, "does not have enough votes in the Senate to confirm a new Fed Chair."

Powell's term as governor will continue until January 2028, spanning the upcoming November midterm elections and covering the final year of the Trump administration.