Powell will remain the head of the Federal Reserve until a successor is appointed.
Jerome Powell stated that he will continue to serve as the Chairman of the Federal Reserve after his term expires if a successor has not been confirmed by that time. This decision is in accordance with the law and the regulator's established practices.
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Federal Reserve Chairman Jerome Powell announced that he will continue to fulfill his duties as head of the central bank if, by May—when his current term expires—a successor has not been confirmed.
This statement was made during a press conference following the latest Federal Reserve meeting. Powell noted that in the absence of a confirmed successor by the end of his term, he will remain in office until the appointment process for a new chair is completed.
Powell emphasized that such actions are in accordance with legal requirements, and the Federal Reserve has previously followed this procedure, including in his own case. He added that the central bank will act in the same manner in this situation.