Federal Reserve Chair Jerome Powell announced he will remain a Governor of the Board of Governors indefinitely while an investigation into the central bank's headquarters renovation continues. This statement addressed key questions following the Federal Open Markets Committee meeting on March 18, 2026, in Washington, D.C.
Commitment to the Board and Future Role
Powell confirmed his intention to remain on the Board of Governors until the investigation concludes with transparency and finality. He clarified his commitment to the institution's best interests, even after his chairmanship ends on May 15.
- He stated his decisions will be guided by the best interest of the institution and the public.
- He will continue to serve as a Governor for a period to be determined.
Succession and Leadership Transition
While his chairmanship concludes next month, Powell noted his continued role on the Board. He also addressed the transition to his successor, Kevin Warsh.
- Powell stated his plan is to maintain a low profile as a Governor.
- He indicated that Kevin Warsh will assume the role of Chair once confirmed and sworn in.
Addressing Political Criticism
Beyond institutional matters, Powell spoke out regarding intense criticism from former President Donald Trump, who initially appointed him.
- Powell labeled the criticism as "unprecedented in our 113-year history."
- He expressed concern that such attacks jeopardize the Fed's ability to conduct monetary policy free from political influence.
- He emphasized the public's reliance on a central bank that operates independently of political factors.
