'I Have No Intention': Jerome Powell To Stay As Fed Chief Till DoJ Probe Is Over Amid Trump Feud

Last Updated:March 19, 2026, 05:10 IST

Powell said he has “no intention” of leaving the central bank until an investigation into his congressional testimony about the Fed’s building renovation is dropped.

US Federal Reserve Chairman Jerome Powell on Wednesday said he did not plan to leave the central bank’s board until a Justice Department probe linked to building renovation costs was completed.

Speaking at a press conference on the impact of the Iran war on the US economy, Powell said he has “no intention" of leaving the central bank until an investigation into his congressional testimony about the Fed’s building renovation is dropped.

“I have no intention of leaving the board until the investigation is well and truly over, with transparency and finality," Powell said, adding that he had not decided whether to continue serving as a Fed governor after his term as chair is over in May. His term as a governor ends in 2028.

This came amid a heated feud with US President Donald Trump, who has repeatedly insulted Powell over the central bank’s policies on setting the economy’s key interest rate. Trump has nominated a former top Fed official, Kevin Warsh, as his replacement. Warsh’s confirmation has been delayed because key Republican senators are opposed to the DOJ probe.

ALSO READ: US Federal Reserve Keeps Rates Unchanged, Projects Higher Inflation Amid Iran War Tensions

In January, Powell announced that federal prosecutors had launched a criminal investigation into the Federal Reserve’s roughly $2.5 billion renovation of its headquarters in Washington, DC. He alleged that the threat of criminal charges stemmed from the Fed’s refusal to align interest rate decisions with Trump’s preferences.

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on what it believes is best for the public, rather than political preferences," Powell said. Trump denied any link between the investigation and interest rates, saying the subpoenas had “nothing to do" with monetary policy.

Last week, a judge threw out a pair of subpoenas that the Justice Department had issued to the Fed, dealing a blow to the investigation. However, US Attorney Jeannine Pirro has said she will appeal the ruling.

Once the investigation is resolved and even after Warsh is confirmed, Powell could elect to stay on the board to finish his term as a Fed governor, which lasts until January 2028.

On Wednesday, the Fed’s key rate-setting committee decided to keep rates unchanged, as central bank policymakers digest the economic fallout of Trump’s war on Iran.

(with inputs from agencies)

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