Federal Reserve Chair Jerome Powell isn’t heading for the exit just yet.
Even as his term as chair expires next month, Powell made clear Wednesday he plans to stick around at the central bank—remaining on the Fed’s board “for a period of time to be determined.”
His reason? An investigation that’s now fading, but not fully closed in his view.
“I will not leave the board until this investigation is well and truly over with transparency and finality,” Powell said, signaling he intends to ride out the aftermath—even as leadership changes hands.
That puts Powell in an unusual position: no longer chair, but still inside the building as his successor takes over.
Meanwhile, the transition is already moving forward.
Kevin Warsh—President Trump’s pick to replace Powell—just cleared a major hurdle, advancing out of the Senate Banking Committee on Wednesday. His nomination now heads to the full Senate for a final confirmation vote.
The breakthrough came after the Department of Justice moved to drop its criminal probe into Powell’s handling of Federal Reserve renovations—a cloud that had stalled Warsh’s path for weeks.
With that obstacle gone, key holdouts flipped.
North Carolina Sen. Thom Tillis, who had previously opposed Warsh over the investigation, reversed course and backed the nomination—helping push it through committee.
If confirmed, Warsh will take the reins as Fed chair next month.
And Powell? He says he’ll keep a “low profile.”
But make no mistake—he’s not disappearing.
“There is only ever one chair,” Powell said. “When Kevin Warsh is confirmed and sworn in, he will be that chair.”
Translation: a handoff is coming in fast—but Powell plans to stay close to the action as it unfolds.
With his term as a Fed governor running until 2028, the question now isn’t whether Powell leaves—it’s how long he stays, and what role he plays behind the scenes as Trump’s Fed reshapes the central bank.
