The Federal Reserve is reported to be historically apolitical, meaning all considerations are absent of politics. However, no individual Federal Reserve Chairman has been more overtly political than Jerome Powell.
Yesterday, after announcing yet again the Fed will not lower interest rates, Chairman Jerome Powell announced he will not leave the board of the federal reserve even after his term has expired and he is replaced by recently advanced Kevin Warsh. Powell said he plans to maintain a “low profile” as a governor, but it will be the first time since 1948 that a Federal Reserve Chairman has stayed on the board at the end of their chairmanship.
The Inspector General is currently reviewing the massive cost overrun for a new multi-billion-dollar Federal Reserve building that has been the heart of controversy since the initial $1 billion overrun was announced. “I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that,” Powell said.