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Powell Stays, Warsh Advancing as Fed Probe May Reopen

4/30/2026

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Summary

Story summary

Fed Chair Jerome Powell will stay on the Federal Reserve (Fed) Board after his chairmanship ends on May 15, 2026.
U.S. Attorney Jeanine Pirro said she could reopen the probe into the Fed’s renovation after the Justice Department closed it.
The Senate Banking Committee advanced Kevin Warsh for Fed chair.
Republican Senator Tim Scott asked the Fed inspector general for a report as President Donald Trump repeatedly threatened to fire Fed officials.

History

Historical Context

After President Jimmy Carter named Paul Volcker chair of the Federal Reserve on July 25 1979, Volcker raised the federal-funds rate to a 20 % peak in June 1981, slashing inflation from a 14.8 % March-1980 high to below 3 % by 1983. Today, the Senate Banking Committee’s nomination of Kevin Warsh and Senator Tim Scott’s criticism revive the 1979 debate over Fed independence.

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Story summary

Fed Chair Jerome Powell will stay on the Federal Reserve (Fed) Board after his chairmanship ends on May 15, 2026.
U.S. Attorney Jeanine Pirro said she could reopen the probe into the Fed’s renovation after the Justice Department closed it.
The Senate Banking Committee advanced Kevin Warsh for Fed chair.
Republican Senator Tim Scott asked the Fed inspector general for a report as President Donald Trump repeatedly threatened to fire Fed officials.

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