00:00U.S. Federal Reserve Chair Jerome Powell says he will remain at the central bank as a governor,
00:06even after his leadership term expires on May 15.
00:09Powell explained the move is not a response to criticism from elected officials,
00:14but a reaction to recent legal actions taken by the Trump administration.
00:21Powell warned that the actions taken by the Trump administration are weakening the institution
00:26and may threaten its ability to conduct monetary policy independently
00:30without direct political pressure or interference.
00:34He told reporters he intends to step down only when the political climate has calmed down.
00:41Under current rules, Powell is eligible to remain on the board until January 2028,
00:47meaning he will continue to have a vote on interest rates for nearly two more years.
00:52U.S. Treasury Secretary Scott Besson has criticized the move,
00:56describing it as a break from traditional norms.
01:00Besson also suggested that the decision is disrespectful to Kevin Walsh,
01:05who was recently approved by a Senate panel to become the next Federal Reserve Chair.
01:10Since returning to power, Trump has repeatedly criticized Powell
01:13for not cutting interest rates more aggressively to boost economic growth across the U.S.
01:18$25 million had money left over, and it was...
01:21MAKES will happen.
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