Federal Reserve Chairman Jerome Powell announced on Wednesday that he will remain as head of the central bank if his successor is not confirmed by May,
when his current term as chairman expires.
Powell made the announcement at a press conference following the Fed's latest meeting. He said that if his successor is not confirmed by the end of his term as chairman, he will serve as acting chairman until a successor is confirmed.
Powell noted that this is required by law and that the Fed has followed this procedure in several cases, including his own. He added that the central bank will proceed in this situation as well.