Jerome Powell to stay on as Fed governor, calls legal attacks ‘unprecedented’

“What can I say, I’m just a catty Deadhead from DC and I live for drama”—Jerome Powell, probably.

It’s not often that a Federal Reserve meeting and the words “I live for drama” are invoked in the same sentence, but it’s also not often that, well, anything that’s happening at the Fed right now is ever happening.

During the Fed’s Wednesday press conference, Powell’s last as chair, plenty of folks tuned in to hear the central bank’s interest rate decision (unchanged), but the drama-loving among us also wanted some gossip: Would he stay or would he go?

Though Powell’s tenure as chair will end on May 15, he’s always had the option to remain a Fed governor until 2028.

Adding to the drama: The confirmation process for incoming Federal Reserve Chair Kevin Warsh was stalled by a Justice Department investigation into comments from Powell last summer concerning a Federal Reserve building renovation project.

Critics of the probe have claimed the investigation was politically motivated. President Donald Trump has long tried to sway the historically independent Fed’s decision-making.

Previously, Powell said he had “no intention of leaving the board until the investigation is well and truly over, with transparency and finality.”

But wait: On April 24, the DOJ dropped its criminal investigation of Powell, clearing the way for Warsh’s appointment.

So…will JPow leave the board? Can’t you just feel the tension building? And like any good dramatist, Powell waited until the end of his prepared remarks on Wednesday to answer the question everyone really cared about.

He brought the drama.

After revealing that he’d stay on as governor “for a period of time to be determined,” Powell said the developments of the last three months “left me no choice but to stay until I see them through at least that long.”

“I'm literally staying because of the actions that have been taken,” he explained. “I had long planned to be retiring.”

When asked about the criteria he weighed ahead of his decision, Powell didn’t mince words.

“My concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors,” he said, explaining that legal attacks were different from verbal criticism.

“These legal actions by the administration are unprecedented in our 113-year history,” Powell continued. “I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors.”

So, how long is he sticking around? “In terms of when I would leave, I will leave when I think it’s appropriate to do so,” Powell said.

Spoken like a true catty Deadhead who lives for drama.