Powell plans to remain on Fed board, cites legal actions by Trump administration

apnews.com ^ | April 30, 2026 | CHRISTOPHER RUGABER

[V_TWIN]

WASHINGTON (AP) — Jerome Powell said Wednesday he plans to remain on the board of the Federal Reserve after his term as chair ends next month “for a period of time, to be determined,” saying the “unprecedented” legal attacks by the Trump administration have put the independence of the nation’s central bank at risk.

“I worry these attacks are battering this institution and putting at risk the things that really matter to the public,” Powell said in remarks at a press conference after the Fed announced its decision to keep its benchmark interest rate unchanged.

Powell’s decision to stay — the first time a Fed chair will remain on the board as a governor since 1948 — denies President Donald Trump a chance to fill a seat on the central bank’s seven-member governing board with his own appointee. The Senate Banking Committee earlier approved Powell’s successor as chair, Trump appointee Kevin Warsh, on a party-line vote. Powell will continue as a Fed governor, possibly until January 2028. Warsh, if confirmed, will take a seat currently held by Stephen Miran, a previous Trump appointee, whose term ended in January.

Powell’s move could make it a bit harder for Warsh to engineer the rate cuts that Trump has demanded, and Warsh advocated for last year, economists say.

[HIDEK6]

Powell reminds me of Fauci.

[Revel]

In one way I have to commend him from standing in the way of interest rate cuts. The shot of crack cocaine that always comes with a severe hangover. And it also allows the banks to use people’s life long saving as a free piggy bank. Making it impossible for many Americans to keep up with inflation that is greatly increased by lower interest rates.

[V_TWIN]

In this case though he’s not doing it for the right reasons.

He just wants to stick it to President Trump and be the biggest pain in the ass possible....American people be damned.

[redinIllinois]

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