U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the Federal Reserve in Washington, D.C., U.S., March 18, 2026.
| Photo Credit:
KEVIN LAMARQUE
Federal Reserve Chair Jerome Powell
said on Wednesday he’ll stick around as head of the U.S. central
bank until his successor is confirmed, and will not leave the
institution until a criminal investigation into the Fed is
resolved.
“If my successor is not confirmed by the end of my term as
chair, I would serve as chair pro-tem” until that’s resolved,
Powell said in a press conference following the end of the Fed’s
latest two-day policy meeting. He said that is what “the law
calls for” and “that’s what we’ve done on several occasions,
including involving me, and that’s what we’re going to do in
this situation.”
Powell’s term as head of the Fed ends in May. President
Donald Trump has nominated former Fed Governor Kevin Warsh to
succeed Powell, but Warsh has yet to be confirmed into that role
by the Senate. The timing of his potential confirmation is
unclear, and the process is not likely to move forward until the
conclusion of a criminal investigation into the central bank
launched by the U.S. Department of Justice.
Senator Thom Tillis, a Republican member of the Senate Banking
Committee, has said Warsh will not be confirmed until the probe
is over. A U.S. judge last week quashed subpoenas tied to the
investigation, which seemedto open a path for the Senate’s
formal consideration of the Warsh nomination. A Department of
Justice official, however, said the ruling will be appealed.
“I have no intention of leaving the Board until the
investigation is well and truly over with transparency and
finality,”Powell told reporters on Wednesday, referring to his
seat on the Fed’s Board of Governors.
Powell can remain a Fed governor until 2028 even after
stepping down from the central bank’s top job. He told reporters
on Wednesday that he would make that decision at the proper
time. Fed chiefs usually leave the central bank when their
leadership stints end.
Published on March 19, 2026
