Fed chair Powell plans to stay on as governor after term ends, keep 'low profile'

Federal Reserve Chair Jerome Powell said on Wednesday that he intends to remain at the central bank as a governor after his chairman term ends on May 15, adding that he plans to "keep a low profile."

"I will continue to serve as a governor for a period of time to be determined. I will leave when I think it's appropriate to do so," Powell told reporters.

Powell also congratulated his expected successor Kevin Warsh on progress in his confirmation process, which cleared the Senate Banking Committee. "This is an important step forward, and I wish him well as that process continues," he said.

Powell said he was encouraged by the Justice Department's decision to drop an investigation into him and the Fed, adding that he is monitoring the next steps. He reiterated that he would not leave the Fed until the probe is "well and truly over."

He also stressed the need for a central bank that operates "free of political influence."

AFP

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