Powell Announces He Will Stay on as Fed Governor

This Is my last press conference as chair. I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. 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. I welcomed the announcement last Friday by the U.S. Attorney for the District of Columbia that she had closed the criminal investigation. She also noted, however, that she would not hesitate to restart the investigation. Over the weekend, the Department of Justice provided assurances that they will not reopen the investigation unless there is a criminal referral from the Fed’s inspector general, and absent such a referral, if they do appeal the recent court decision they would not seek as part of that appeal to restart the investigation or send new subpoenas. I’m literally staying because of the actions that have been taken. I had long planned to be retiring. And the things that have happened really in the last three months have, I think, left me no choice but to stay until I see them through. At least that long. Thank you very much, everyone. I won’t see you next time.