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Powell has 'no intention of leaving' the Fed until Trump's DOJ probe is closed
A federal judge blocked subpoenas served to Fed Chair Jerome Powell and the bank because he found they had "essentially zero evidence" to back them up.
Link to tweet
https://www.nbcnews.com/business/economy/powell-fed-trump-doj-probe-rcna264173
Federal Reserve Chair Jerome Powell says he will not step down from the central bank's board until an investigation launched by President Donald Trump's Justice Department into Powell's congressional testimony last year is fully put to rest.
"I have no intention of leaving the board until the investigation is well and truly over with transparency and finality," Powell said Wednesday at a news conference in Washington, D.C.
Powell also left the door open to remaining on the board even if the probe ends and Trump's nominee to succeed him as chair, economist Kevin Warsh, is confirmed by the Senate.
"On the question of whether I will then continue to serve as a governor after my term ends and after the investigation is over, I have not made that decision yet," Powell told reporters at the Fed's headquarters. "I will make that decision based on what I think is best for the institution and for the people we serve."
Powell's announcement underscores the failure of a yearlong campaign led by Trump and his allies to push Powell out of the Federal Reserve and replace him with someone who is more closely allied with the president......
For more than a year now, Trump and his top allies have pressured Powell and other members of the central bank to cut interest rates more often. They have deployed a combination of social media bullying, tirades on cable news and allegations of wrongdoing, but they have little to show for their efforts.
On Wednesday, the Fed's Open Market Committee voted 11-1 to hold interest rates steady. The only dissenting vote in favor of a rate cut was Trump's nominee and former White House official, Stephen Miran.
"I have no intention of leaving the board until the investigation is well and truly over with transparency and finality," Powell said Wednesday at a news conference in Washington, D.C.
Powell also left the door open to remaining on the board even if the probe ends and Trump's nominee to succeed him as chair, economist Kevin Warsh, is confirmed by the Senate.
"On the question of whether I will then continue to serve as a governor after my term ends and after the investigation is over, I have not made that decision yet," Powell told reporters at the Fed's headquarters. "I will make that decision based on what I think is best for the institution and for the people we serve."
Powell's announcement underscores the failure of a yearlong campaign led by Trump and his allies to push Powell out of the Federal Reserve and replace him with someone who is more closely allied with the president......
For more than a year now, Trump and his top allies have pressured Powell and other members of the central bank to cut interest rates more often. They have deployed a combination of social media bullying, tirades on cable news and allegations of wrongdoing, but they have little to show for their efforts.
On Wednesday, the Fed's Open Market Committee voted 11-1 to hold interest rates steady. The only dissenting vote in favor of a rate cut was Trump's nominee and former White House official, Stephen Miran.
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