Powell says he has 'no intention of leaving' Fed during DOJ investigation

By Fox News · Fox News

Federal Reserve Chairman Jerome Powell said Wednesday that he will remain at the central bank while the Department of Justice’s criminal investigation continues. "I have no intention of leaving the Board until the investigation is fully resolved with transparency and finality," Powell said, referring to the Federal Reserve Board of Governors, commonly known as the Fed Board. With the probe complicating efforts to confirm his successor, Powell said that if no replacement is in place by the end of his term as chair, he would continue serving as chair pro tempore until one is confirmed. "That is what the law calls for," he said. "That’s what we’ve done on several occasions, including in my own case, and it’s what we’re going to do in this situation." DOJ'S CRIMINAL PROBE OF FED CHAIR POWELL SPARKS RARE GOP REVOLT ON CAPITOL HILL The federal investigation centers on Powell’s June 2025 testimony to lawmakers about the Federal Reserve’s renovation of its two historic main buildings on the National Mall, a project that has drawn scrutiny from Republicans and the Trump administration. On Jan. 11, Powell disclosed that the Justice Department had opened a criminal investigation tied to that testimony, an unusual development for a sitting Fed chair. In a rare video statement, Powell called the probe "unprecedented" and described it as another salvo in what he said was President Donald Trump's pressure campaign on the central bank to cut rates. The unusually public response followed days of private consultations with advisers and stood out for a Fed chair known for his measured approach. TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY The video statement echoed Powell’s earlier testimony before the Senate Banking Committee, where he forcefully disputed claims about lavish features in the renovation project. Testifying before the Senate Banking Committee, Powell said: "There’s no new marble. There are no special elevators. They’re old elevators that have…