Powell: Legal Challenges Undermine Fed's Independence, Forcing Him to Stay on as Governor

BlockBeats News, April 30th, Federal Reserve Chair Jerome Powell stated at a press conference that he will continue to serve as a Fed governor for "some time" after stepping down as chair. Powell noted that the Fed has faced unprecedented challenges in the past three months, and he is determined to defend the Fed's independence.

Powell made it clear that the challenges he mentioned were not political criticism but merely legal challenges. He said, "What has happened in the past three months has left me no choice but to stay on." Powell stated that the Justice Department will not investigate him again unless the Inspector General recommends criminal referral.

However, Powell is not satisfied with this outcome. He said, "I will continue to serve as a Fed governor, with the term to be determined," and pledged to "keep a low profile." (FXStreet)