PANews reported on April 30th that, according to Jinshi News, on the eve of his term expiring on May 15th, Federal Reserve Chairman Jerome Powell publicly stated after Wednesday's policy meeting that he will remain at the Federal Reserve as a governor after stepping down as chairman, with his term extending to early 2028. This arrangement breaks with the decades-long tradition of chairmen leaving simultaneously with their successors. Just a week before his statement, U.S. Department of Justice officials suspended their investigation into whether his oversight of the Federal Reserve building renovation project involved criminal issues. Previously, in March, the court halted subpoenas issued to the Federal Reserve, and the Senate had threatened to indefinitely postpone the confirmation process for Kevin Warsh's nomination. Powell stated that the ongoing legal controversy left him "no choice" but to remain in office until the issues were addressed "fully and transparently." He also emphasized that he would perform his duties in a "low-key" manner and would not interfere with Warsh's leadership of the Federal Open Market Committee (FOMC).

After Powell announced he would remain on the board, he faced a double attack from the Trump administration. Treasury Secretary Bessant publicly accused him of "violating all Federal Reserve practices." Trump tweeted that Powell "wouldn't find a job anywhere else, nobody wants him."