Federal Reserve Chairman Jerome Powell announced on Wednesday that he will continue in his position after the end of his term next month, exacerbating tensions with President Donald Trump and the Treasury Secretary amid a pending criminal investigation into alleged irregularities in the costs of renovating the institution’s headquarters and the independence of its monetary policy.

Published on: 04/30/2026 - 02:36

US Federal Reserve Chairman Jerome Powell revealed on Wednesday that he will remain a member of the institution's Board of Governors after the end of his term at its head.

During a press conference after chairing the last meeting to determine monetary policies as president, Powell explained that “following the end of my term on May 15, I will continue to serve as governor for a period of time that will be determined later.”

He stressed that his decision was not related to the criticism directed at him by members of Congress, but in return he pointed to the unprecedented legal measures taken by the administration of President Donald Trump against the Federal Reserve.

In Powell's opinion, "these attacks hit the institution and jeopardize what really matters to public opinion, which is the ability to manage monetary policy without taking into account political factors."

He expressed his intention to "stay out of the limelight as governor," and to leave office when he sees that the moment is appropriate, in a step that remains unusual, even if it is not the first precedent.

The legal framework allows Jerome Powell to continue as a member of the Federal Reserve until 2028.

President Trump quickly responded via his Truth Social platform, where he wrote that Powell “wants to stay at the Federal Reserve because he can’t get a job anywhere else. No one wants him.”

As for Treasury Secretary Scott Besent, he attacked Powell's decision in an interview with Fox Business, considering it a "violation of all Federal Reserve standards" and "an insult to Kevin Warsh," the candidate to assume the next presidency of the institution.

Since returning to power last year, Trump has repeatedly criticized Powell for not cutting interest rates as quickly as he wanted, a move that would stimulate the economy but carries the risk of increasing inflation.

In a parallel context, the Ministry of Justice opened a criminal investigation against Powell and the Federal Reserve Board regarding alleged irregularities in the costs of renovating the institution’s headquarters, a step that the Chairman of the Board described as a tactic aimed at undermining its independence.

Subsequently, the Department of Justice decided to temporarily suspend the investigation, a measure that Powell welcomed, but at the same time he stressed that he would not leave the Federal Reserve before the investigation was finally concluded.

France 24/AFP

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