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Powell Stays at Fed During Investigation
Jerome Powell leads the Federal Reserve in the United States. He says he will not leave during a criminal check.
The Department of Justice is running the check. It looks into how Powell handled building work.
Powell will stay until the check is closed. His replacement is Kevin Warsh.
If Warsh is not confirmed by mid-May, Powell will serve as chair pro tem. Powell's term ends in mid-May.
Klear Note — The Federal Reserve controls US money and interest rates. The chair is the most powerful position in banking.
Key Terms 4
- Federal Reserve
- The United States central bank that controls money supply and interest rates
- Department of Justice
- The United States government body that handles laws and criminal cases
- chair pro tem
- A temporary leader who fills a role until a new one is confirmed
- Kevin Warsh
- The person chosen to replace Powell as Federal Reserve chair