Powell: If investigated, he will not leave the board even if his term as chairman has ended

Documents declassified last Friday show that Federal Reserve Chairman Jerome Powell's lawyer suggested a possibility during a meeting with the Justice Department in January: Powell may continue to serve on the Federal Reserve Board after his term ends in May—this would be a precedent-breaking decision.

These documents are part of materials from a case in which the Federal Reserve is trying to block subpoenas issued by the Justice Department regarding Powell's handling of the renovation of the central bank's Washington headquarters. Last Friday, a district court judge ruled in favor of the Federal Reserve, blocking those subpoenas.

During the debate opposing the Federal Reserve's motion, a Justice Department lawyer stated that during a meeting on January 29, Powell's lawyer told U.S. District Attorney Jeannine Pirro: "The Chairman (Powell) believes that if he is still under investigation, he would not leave the Board even if his term has ended; and while he cannot assert the contrary, if he is no longer facing a criminal investigation, the Chairman's image would be different, at which point the Chairman would be able to freely make decisions focused on family."