Powell Stays on Fed, Defying Trump

0:00On March 18, Federal Reserve chair Jerome Powell announced he plans to stay in his role past the May 15th end of his term, if no successor gets. Confirmed in time, this comes after the Fed decided to keep interest rates unchanged at their Wednesday meeting. Powell stressed the need for steady leadership during ongoing political and legal pressures. He also made it clear he will remain on the Fed board, while a Justice Department probe into him wraps up. Powell wants full transparency and closure before stepping away from that position, too. The investigation has stirred up trouble in Washington. A federal judge recently tossed out some subpoenas aimed at the Fed, calling them an attempt to push Powell around, but prosecutors planned to fight that, ruling on appeal. It's even holding up the confirmation of President Trump's pick, former Fed governor Kevin Worsh, with a key senator threatening to block it until things clear up. These moves highlight the ongoing clash between Powell and Trump, who has slammed the Fed

1:00for keeping rates too high and slowing growth. Trump wants more say in the central bank's direction through new picks. Powell's board term actually runs until 2028, so sticking around after leaving the chair spot would curb Trump's options for fresh. Appointees, Powell hasn't locked in plans beyond a successor's confirmation, saying he'll decide what's best for the Fed and the public it serves. This keeps the focus on stability as these battles play out.