“Federal Reserve Mouthpiece”: Powell Ties Up Trump’s Ability to “Make Moves” at the Federal Reserve

“Federal Reserve mouthpiece” Nick Timiraos stated that Federal Reserve Chair Powell said that if his successor is not confirmed before his term ends on May 15, he will continue to serve as Fed Chair. This is his most direct statement so far regarding the upcoming leadership change at the Federal Reserve. Powell further stated that he will not leave the Federal Reserve Board as long as the Department of Justice’s investigation into him is ongoing. Powell said he has not yet decided whether he will continue to serve as a Federal Reserve Board member if the investigation concludes and a successor is appointed to take over as Chair. It is currently confirmed that Powell can serve as a Federal Reserve Board member until 2028 after his Chair term ends. Powell’s decision has significant implications for Trump’s ability to reshape the Federal Reserve’s structure. If Powell remains on the Board, Trump will lose a candidate he could have personally appointed. Currently, three of the seven Federal Reserve Board members are appointed by Trump. (Sina Finance)