Powell’s seat on the Board of Governors doesn’t end until early 2028, and he has not said whether he will leave the central bank before his term expires.
Federal Reserve Chair Jerome Powell plans to remain as head of the U.S. central bank until his nominated successor, Kevin Warsh, is confirmed.
Speaking to reporters at the post-meeting press conference on March 18, Powell stated that he would serve as “chair pro tem” if President Donald Trump’s pick to lead the Fed is not approved by the Senate.
This follows the law, he said, and “that’s what we’ve done on several occasions, including involving me, and that’s what we’re going to do in this situation.”
In addition, Powell reaffirmed that he doesn’t intend to leave the Fed’s Board of Governors “until the investigation is well and truly over with transparency and finality.”
Powell’s seat on the Board does not end until early 2028. He has not confirmed whether he will leave the central bank before his term expires.
“I have not made that decision yet,” Powell said. “I will make that decision based on what I think is best for the institution and for the people we serve.”
Powell said in January that the Department of Justice had served the Fed with grand jury subpoenas related to his June 2025 testimony about cost overruns for renovation of the central bank’s headquarters.
This past week, U.S. District Judge James Boasberg quashed the grand jury subpoenas issued as part of a criminal investigation. He determined that the Department of Justice shared “essentially zero evidence” that the Fed chief committed a crime.
“A mountain of evidence suggests that the Government served these subpoenas on the Board to pressure its Chair into voting for lower interest rates or resigning,” Boasberg wrote.
Trump has said that he was unaware of the criminal investigation regarding Powell’s testimony in June 2025. The president has regularly criticized Powell and his colleagues at the Fed for not lowering interest rates fast enough and for the overbudget renovations of the central bank’s headquarters.
U.S. Attorney for the District of Columbia Jeanine Pirro said she will appeal the ruling, calling it “outrageous.”
“Jerome Powell is now bathed in immunity,” she told reporters on March 13. “This is wrong, and it is without legal authority.”
The nomination process for former Fed Governor Kevin Warsh, meanwhile, has yet to begin.
By Andrew Moran
