Powell announced "no longer leaving", calling the Trump administration's legal action an "unprecedented attack"

On April 30, on the eve of the expiration of his term on May 15, Federal Reserve Chairman Powell publicly stated after the interest-rate meeting on Wednesday local time that he would continue to remain in the Federal Reserve as a director after stepping down as chairman, and his term will extend until early 2028. This arrangement breaks the decades-old tradition of successive chairmen leaving simultaneously when their successors take office. He directly linked the decision to external pressure, saying legal action from the Trump administration had constituted an "unprecedented attack." In his view, these measures are threatening the Fed's ability to formulate monetary policy without political interference and undermining the stability of the institution itself. His statement comes a week after Justice Department officials suspended an investigation into whether his supervision of the Federal Reserve Building renovation project involved criminal issues. The court suspended a subpoena to the Federal Reserve in March, and the Senate threatened to delay the confirmation process of Kevin Warsh indefinitely. Powell said the ongoing legal dispute left him "no choice" but to remain in office until the issues were handled "completely and transparently." He also stressed that he would perform his duties in a "low-key" manner and would not interfere with Walsh's leadership of the Federal Open Market Committee (FOMC). (East News Agency)