Federal Reserve Chair Jay Powell said he will continue leading the U.S. central bank as “chair pro tem” if a successor is not confirmed by the Senate in mid-May.
Powell also said he would not leave the Federal Reserve Board – where he has a term that expires in 2028 – until the Justice Department criminal inquiry against him is “well and truly over.”
Powell’s comments are the first time he’s spoken definitively about his plans to continue serving at the Federal Reserve if and when the Senate confirms Kevin Warsh as his successor.
“If my successor is not confirmed by the end of my term as chair, I would serve as chair pro tem until he is confirmed. That is what the law calls for,” Powell said. Then, the chair added: “I have no intention of leaving the board until the investigation is well and truly over, with transparency and finality.”
