Jerome Powell announces he will stay on as a Federal Reserve governor beyond his term as chair, citing concerns over institutional stability amid ongoing investigations and political tensions surrounding his successor.
Jerome Powell said he will stay on as a Federal Reserve governor after his term as chair ends on 15 May, in an unusual move that keeps him inside the central bank as the White House prepares to nominate his successor. Speaking after the Fed’s latest policy meeting, Powell said his term as chair was ending but that he intended to remain on the board for an unspecified period, describing the decision as a response to recent developments around an investigation into the central bank. Reuters has reported that the move blocks President Donald Trump from immediately filling the seat Powell would otherwise vacate.
Powell framed the choice as a matter of institutional stability, warning that the pressure surrounding the Fed was undermining confidence in its independence. In remarks reported by several outlets, he said the central bank’s ability to set monetary policy without political interference was what mattered most to the public. He also said he had planned to retire but felt compelled to remain until the matter was fully resolved.
The decision follows the closure of a criminal investigation by the US attorney for the District of Columbia, which Powell said he welcomed, even as officials indicated the matter could be revisited. According to the reporting, the Justice Department then provided assurances that it would not reopen the case unless there were a criminal referral from the Fed’s inspector general. Powell said those steps were a key reason for his staying on, adding that he would not act as a "shadow chair" once a successor takes over.
The timing adds another layer to the Fed’s already delicate transition. Powell’s governor term runs until January 2028, meaning he could remain on the board even after Kevin Warsh, Donald Trump’s nominee for the chairmanship, is confirmed by the Senate. That prospect has already stirred political tension, particularly after the Senate Banking Committee advanced Warsh’s nomination along party lines, while the Fed itself has just held rates steady amid persistent inflation pressures and signs of cooling growth.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on Jerome Powell's decision to remain as a Federal Reserve governor after his term as chair ends on 15 May 2026. This development has been covered by multiple reputable sources, including The New York Times, Reuters, and The Washington Post, with the earliest publication date being 29 April 2026. ([washingtonpost.com](https://www.washingtonpost.com/business/2026/04/29/fed-powell-interest-rates-gas-prices/?utm_source=openai)) The content appears to be original and not recycled from other sources. However, the presence of multiple sources reporting the same information suggests a high level of coverage, which may indicate a lack of new or exclusive information.
Quotes check
Score:
7
Notes:
The article includes direct quotes attributed to Jerome Powell, such as his statement about remaining on the board for an unspecified period and his intention to keep a low profile. These quotes are consistent with those reported by other reputable sources. ([washingtonpost.com](https://www.washingtonpost.com/business/2026/04/29/fed-powell-interest-rates-gas-prices/?utm_source=openai)) However, without access to the original press conference or official transcript, the exact wording cannot be independently verified. The reliance on secondary sources for these quotes introduces a degree of uncertainty regarding their accuracy.
Source reliability
Score:
9
Notes:
The article is sourced from The New York Times, a major and reputable news organisation. The information is corroborated by other reputable outlets, including Reuters and The Washington Post. ([washingtonpost.com](https://www.washingtonpost.com/business/2026/04/29/fed-powell-interest-rates-gas-prices/?utm_source=openai)) The consistency across multiple independent sources enhances the credibility of the information presented. However, the reliance on secondary reporting for direct quotes introduces a slight concern regarding the potential for misquotation or misinterpretation.
Plausibility check
Score:
8
Notes:
The article reports on Jerome Powell's decision to remain as a Federal Reserve governor after his term as chair ends, citing concerns about the Fed's independence amid legal actions by the Trump administration. This aligns with reports from other reputable sources. ([washingtonpost.com](https://www.washingtonpost.com/business/2026/04/29/fed-powell-interest-rates-gas-prices/?utm_source=openai)) The decision is plausible given the context of ongoing investigations and political pressures. However, the exact motivations behind Powell's decision are not fully detailed, and the article does not provide direct statements from Powell himself, which limits the depth of understanding of his reasoning.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on Jerome Powell's decision to remain as a Federal Reserve governor after his term as chair ends, a development covered by multiple reputable sources. However, the reliance on secondary reporting for direct quotes and the presence of a paywall affecting full access to the original content introduce uncertainties regarding the completeness and accuracy of the information. While the content is original and factual, the medium confidence rating reflects these concerns.
