U.S. Treasury Secretary Benson: Powell should leave the Fed Board when he leaves the Fed in 2026

Odaily News U.S. Treasury Secretary Benson suggested that Federal Reserve Chairman Jerome Powell should step down from the Federal Reserve Board when his term as chairman ends in May 2026. Benson said on Tuesday: "Traditionally, the Federal Reserve Chairman will also resign as a member of the board when he leaves office. There has been a lot of discussion about the 'shadow Fed Chairman', saying that it will cause confusion before the official nomination. I can clearly say that if the former Federal Reserve Chairman continues to serve on the board, it may be very confusing for the market." Powell's term as a member of the Federal Reserve Board will not end until January 2028, which means that even if his term as chairman ends in May next year, he may still remain in the Federal Reserve and participate in monetary policy formulation. Powell has repeatedly avoided responding to whether he will continue to serve as a member of the board. This silence complicates the decision-making of President Trump and his aides when adjusting the leadership of the Federal Reserve next year. Benson also said: "The formal process for determining the nomination of the next Federal Reserve Chairman has been initiated, and there are many excellent candidates both inside and outside the Federal Reserve." (Jin Shi)