Powell says he’ll stay at Fed as governor when chair term ends, defying Trump
Outgoing chair triggers fresh clash with the White House by exercising his right to remain on the Fed board
The extraordinary clash at the Federal Reserve between Jerome Powell and Donald Trump entered new territory on Wednesday when the outgoing US central bank chairman said he would remain on as a governor – and the president lashed him with another insult.
Powell said that while his term at the head of the Fed was ending May 15, he would exercise his right to remain on the board “for a period of time to be determined”.
Powell appeared concerned about the Fed maintaining its independence in the face of unprecedented pressure by the Trump administration.
“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 told reporters.
But Powell has long infuriated Trump by ignoring commands to cut interest rates and the Republican president has been itching for him to step down.
“Jerome “Too Late” Powell wants to stay at the Fed because he can’t get a job anywhere else – Nobody wants him,” Trump posted on his social media platform after Powell’s announcement.