Powell says he will continue to serve as a Fed governor even after chairmanship ends

• Jerome Powell will step down as Fed Chair on May 15th but will continue to serve as a Fed Governor for an undetermined period.
• His decision to remain on the board is contingent on the full and transparent resolution of a criminal investigation into the Fed's headquarters.
• The Department of Justice has closed the criminal investigation and provided assurances it will not be reopened without a new criminal referral from the Fed's inspector general.

Jerome Powell announced his last press conference as Fed Chair but confirmed he will remain a Fed Governor after May 15th. His decision to stay is tied to the final resolution of an investigation into the central bank's headquarters, which has seen recent positive developments with the Department of Justice providing assurances against reopening.