Breitbart Business Digest: Powell Cannot Stay on as Fed Chair After May 15

Powell’s Term as Fed Chair Has an Expiration Date

Jerome Powell declared Wednesday that he intends to remain at the Federal Reserve after May 15 — as a governor, and, he says, as acting chairman until a successor is confirmed . On the chairmanship, he is wrong. On his seat as a governor, he has the legal right to stay — but whether he should is a different question entirely.

Powell’s term as Fed chairman expires in May. His term as a governor does not expire until January 31, 2028, or until a successor qualifies. Traditionally, Fed chairmen step down from their board seat when a new governor is confirmed, though this is custom rather than law…

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