Jerome Powell Steps Down as Fed Chair, Remains on Board of Governors

After steering the U.S. central bank through a global pandemic, the highest inflation in four decades and political scrutiny, Federal Reserve Chair Jerome Powell has concluded his eight-year tenure, according to a Good Morning America report by Max Zahn.

Powell’s decisions carried consequences ranging from household borrowing costs to the political independence of the Federal Reserve.

President Donald Trump’s nominee for Fed chair, Kevin Warsh, is set to assume leadership, inheriting an economy that remains resilient by some measures but faces renewed inflation pressures.

Powell said last month he would take the unusual step of remaining on the Fed’s 12-member Board of Governors after his term as chair expired.

The move would allow Powell to continue participating in interest-rate policy through 2028, although he said he plans to step down once an inspector general’s investigation into renovations at Federal Reserve headquarters concludes.