Jerome Powell says he will continue to serve as a Fed governor even after chairmanship ends

Federal Reserve Chairman Jerome Powell said Wednesday that he will remain on the Board of Governors indefinitely while an investigation into the renovation of the central bank’s headquarters continues.

Near the beginning of the post-meeting press conference, Powell said, “I have said I will not leave the board until this investigation is completed in a transparent and definitive manner, and I stand by that. I am encouraged by recent developments and am carefully monitoring the remaining steps in this process.” he said.

“My decisions on these matters will continue after my term as president ends on May 15, in line with what I believe to be in the best interest of the institution and the people we serve, and I will continue my term as governor for a period to be determined.”

The statement resolves an important question that is currently on the agenda of the Federal Open Market Committee meeting.

Markets were already largely expecting to keep the interest rate steady, with a larger question mark over Powell’s future. Powell’s term as president ends next month, but he has two years left in the governor’s seat.

The eight-year serving president congratulated his appointed successor, Kevin Warsh, whose nominee cleared a key hurdle when the Senate Banking Committee voted earlier Wednesday to move Warsh to the full floor for a vote.

“As governor, I plan to keep a low profile,” Powell said. “There is only one chair… Once Kevin Marsh is confirmed and sworn in, that will be that chair.”

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