Jerome Powell Replacement: What Federal Reserve Chair Said About Stepping Down Amid Probe

“There’s only ever one chair,” Powell said. “When Kevin Warsh is confirmed and sworn in, he will be that chair.” He added that he planned to “keep a low profile” in his continued role as governor. The Federal Reserve’s policy-setting body, the Federal Open Market Committee, had been widely expected to keep interest rates unchanged, with attention instead focused on Powell’s future.