Fed chair Jerome Powell says he will stay on as Govenor after term amid legal pressure
Current Federal Reserve chair Jerome Powell will continue to stay on the central banks board as Governor after his term ends in May. Speaking at a press conference following the central banks decision to hold interest rates steady at 3.5%-3.75% on Wednesday, Powell voiced concerns about the legal action against the central bank, saying it is causing him to stay, even though he plans to keep a “low profile.” “I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors,” Powell said. When the administration of President Donald Trump closed its criminal investigation into Powell, it left room to revisit the case. Jeanine Pirro, the U.S. attorney for the District of Columbia, said the matter would stay under review by the Feds inspector general and warned prosecutors could reopen it if new facts emerged. That statement, along with later remarks from President Donald Trump and his aides, raised concern that Powell could still face legal pressure. Powell said even though he wanted to leave, he had “no choice” but to stay. Fed leave rates unchanged The Fed‘s rate hold came as expected,