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NY Fed Chief Backs Powell to Remain Fed Chair After Term Expires
Williams says Powell can stay on until successor is confirmed, despite investigation and political opposition
Apr. 7, 2026 at 9:20pm
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An extreme close-up of the Federal Reserve's complex financial infrastructure highlights the institutional gravity of the ongoing leadership transition.NYC TodayJohn Williams, the president of the Federal Reserve Bank of New York, has publicly supported Fed Chair Jerome Powell's plan to remain in charge of the central bank until a successor is confirmed, despite Powell's term as chair expiring on May 15 and facing a potential delay in the confirmation of his nominated replacement, Kevin Warsh.
Why it matters
Powell's continued leadership of the Fed is being challenged on multiple fronts, including a Justice Department investigation into renovations at the Fed's headquarters and opposition from a key Republican senator who has vowed to block Warsh's confirmation until the investigation is resolved. Williams' public backing of Powell could help provide stability and continuity at the Fed during a period of economic uncertainty.
The details
Last month, Powell claimed he can continue to lead the Fed until a new chair is formally in place, and said he will not leave the Fed board until the investigation into his handling of the headquarters renovations is 'well and truly over, with transparency and finality.' Typically, outgoing Fed chairs have stepped down from the board as well, but Powell is seeking to remain on the board even after his term as chair expires.
- Powell's term as chair of the Fed's board of governors ends on May 15, 2026.
- President Trump has nominated former Fed official Kevin Warsh to succeed Powell, but his confirmation may be delayed.
The players
John Williams
The president of the Federal Reserve Bank of New York, who has publicly supported Jerome Powell's plan to remain Fed chair until a successor is confirmed.
Jerome Powell
The current chair of the Federal Reserve's board of governors, whose term is set to expire on May 15, 2026, but who is seeking to remain in the role until a successor is confirmed.
Kevin Warsh
The former Fed official who has been nominated by President Trump to succeed Jerome Powell as the next chair of the Federal Reserve.
Thom Tillis
A Republican U.S. Senator from North Carolina who has said he will not vote to approve the confirmation of Kevin Warsh until the Justice Department drops its investigation of Powell and the Fed.
What they’re saying
“I supported Chairman Powell's plan to remain in place until a successor is confirmed.”
— John Williams, President, Federal Reserve Bank of New York
What’s next
The Senate will need to vote on confirming Kevin Warsh as the next chair of the Federal Reserve, but this process may be delayed due to opposition from Senator Tillis and the ongoing Justice Department investigation into Powell.
The takeaway
The leadership transition at the Federal Reserve is facing political and legal challenges, raising concerns about stability and continuity at a critical time for the economy. Williams' public support for Powell could help provide reassurance, but the ultimate outcome remains uncertain.
