Fed chair Powell to defy Trump and stay on board

Added: 2026-05-01

[00:00:00]I welcomed >> [clears throat] >> the announcement last Friday by the US attorney for the District of Columbia that she had closed the criminal investigation.

[00:00:07]She also noted, however, that she would not hesitate to restart the investigation.

[00:00:12]Over the weekend, the Department of Justice provided assurances that they will not reopen the investigation unless there's a criminal referral from the Fed's Inspector General. And absent such a referral, if they do appeal the recent court decision, they would not seek, as part of that appeal, to restart the investigation or send new subpoenas.

[00:00:34]>> [clears throat] >> I've said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that.

[00:00:43]I'm encouraged by recent developments, and I'm watching the remaining steps in this process carefully.

[00:00:50]My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve.

[00:00:58]After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined.

[00:01:05]I plan to keep a low profile as a governor.

[00:01:08]There is only ever >> [clears throat] >> one chair of the Federal Reserve Board.

[00:01:12]When Kevin Warsh is confirmed and sworn in, he will be that chair.