A Federal Reserve board member is calling for outgoing Chair Jerome Powell to limit his continued service on the central bank’s governing board once his leadership role concludes.
Speaking during an appearance on Fox Business Network’s ‘Mornings with Maria’ program Friday, Fed Governor Stephen Miran acknowledged that leadership changes require careful handling. However, he stressed his desire to ensure Powell’s remaining time as a board member serves only as a brief transition period rather than something “more nefarious.”
Powell’s tenure as Federal Reserve Chair is set to conclude on May 15, with Kevin Warsh awaiting Senate confirmation to take over the position.
Following last week’s Federal Open Market Committee session, Powell announced his intention to remain in his board governor position, which runs through 2028, while monitoring whether the Trump administration will cease what many view as politically motivated legal challenges against the Fed.
Though Powell’s continued presence could serve as a stabilizing force against potential changes Warsh may implement, the departing chair indicated he has no plans to create conflict. “I’m not looking to be … a high-profile dissident or anything like that,” Powell stated last week.
Miran emphasized the need for organizational clarity during the leadership change. “It’s important to make sure it’s a transition period, and not that there’s a division of loyalty within the Fed” and “that people are unsure who’s in charge,” he explained. “That’s why I think it’s important, even though it could be helpful for a transition, that we make sure it’s a transition period.”
