Federal Reserve Governor Milan: Powell Should Only Briefly Stay as Governor After Stepping Down as Chair

Odaily Planet Daily News: Federal Reserve Governor Milan said on Friday that he hopes current Fed Chair Jerome Powell will only briefly remain as a governor after stepping down from the chairmanship. Milan stated: "I think it's important to ensure this is just a transitional phase, and that there is no hidden agenda behind Powell staying on as a governor." After the meeting last week, Powell indicated that after his term as chair ends, he will continue to serve as a Fed governor for a period of time, with his governor term lasting until 2028.

He also noted that he wants to see whether the Trump administration's legal attacks against the Federal Reserve will cease. Although Powell's continued presence on the Fed's board could serve as a counterbalance supporting the status quo as Walsh pushes for Fed reform, Powell said last week: "I don't want to be some kind of high-profile dissenter or anything like that." Milan stated: "It is important to ensure this is a transitional phase, and not to create a split in loyalty within the Fed," and to avoid "people being unsure about who is actually in charge." "That's also why I think, while Powell's continued presence may help with the transition, we still need to ensure this is only a transitional period." (Jinshi)