Overview
- Jerome Powell said he will not leave the Federal Reserve Board until the Justice Department’s investigation is “well and truly over” and would serve as chair pro tempore if no successor is confirmed by May.
- U.S. District Judge James Boasberg last week tossed subpoenas to the Fed, calling the government’s case thin and pretextual, and U.S. Attorney Jeanine Pirro says she will appeal.
- Sen. Thom Tillis continues to withhold support in the Senate Banking Committee, preventing Kevin Warsh’s nomination from advancing until the probe is closed.
- President Donald Trump signaled support for continuing the investigation, a stance that further complicates the White House effort to install Warsh as chair.
- Powell’s chair term expires in May but his governor term runs through January 2028, intensifying an unusual leadership and independence test for the central bank.