world-economy

Powell to Remain Fed Governor After Term as Chair Ends

Jerome Powell will stay on the Federal Reserve's board of governors following the conclusion of his tenure as chair on May 15, according to statements from Fed officials and Trump administration representatives. Kevin Warsh, President Donald Trump's nominee to replace Powell, secured backing from the Senate Banking Committee on Wednesday with a 13-11 party-line vote, positioning him for full Senate confirmation before Powell's departure. Powell's decision to remain as a governor drew support from Bill Dudley, former New York Federal Reserve president. Dudley said the move would provide reassurance to markets and the public. Trump indicated he had no objection to Powell remaining on the board. The Trump administration applied pressure on Powell over monetary policy decisions during his tenure as chair.