Powell said his decision to remain as governor is based on concerns over “legal attacks” he said the Trump administration has taken against the Fed. Powell’s term as governor lasts until January 2028 but he said he has not determined how long he will remain on the board.
“These legal actions by this administration are unprecedented in our 113-year history and there are ongoing threats of additional actions.,” Powell said at a press conference on Wednesday. “I worry that these attacks are battering the institution and putting at risk the thing that matters to the public, which is the ability to conduct monetary policy without taking into account political factors.”
Powell argued that Fed independence is part of the “absolute foundation” of the success of the American economy.
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