Powell to Stay as Fed Chair if Successor Not Confirmed by May

Powell's Commitment#

Federal Reserve Chair Jerome Powell announced that he will remain in his position if a successor is not confirmed by May, which is when his current term ends.

Legal Framework#

During a press conference following the latest Federal Reserve meeting, Powell explained that if there is no confirmed successor by the end of his term, he will serve as chair pro-tem. This means he will temporarily continue to lead the Fed until a new chair is officially appointed.

Historical Precedent#

Powell noted that this procedure is in accordance with the law and has been followed by the Federal Reserve in the past, including during his own transition to chair. He emphasized that the central bank will adhere to this protocol in the current situation.