Powell: "Fed independence is at risk... I will remain a governor until the investigation is over"

[Financial News]  
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Jerome Hayden Powell, chairman of the Federal Reserve System (Fed), said at a press conference after the Federal Open Market Committee (FOMC) meeting on the 29th (local time) that the central bank's independence is under threat.
Powell, whose term as chair ends next month and who is set to hand over the reins to nominee Kevin Warsh, stressed that the Fed's most important task is to defend its independence in policymaking without yielding to political pressure.
He first pledged that, unlike the customary practice of stepping down from the board when his chairmanship ends, he would keep his seat as a governor.
Powell said he had no choice but to continue serving as a governor, calling President Donald Trump's criticism of him "unprecedented" and attacks on the central bank "illegal."
He emphasized that he has no intention of stepping down before the investigation into the renovation of the Fed headquarters is truly completed with "transparency and completeness."
Powell said the central bank's independence is a critical issue for the U.S. economy and the American people, adding, "It is very important whether they can rely on a central bank that operates free from political influence over time."
Powell warned that the Fed's independence is currently "at risk" amid a series of "legal attacks."
He said, "The Fed continues to be attacked," and added, "So far, we have defended ourselves successfully, but the attacks are not over yet."
Powell stressed that the central bank's monetary policy decisions should be based on data-driven analysis rather than political judgment.
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\r\ndympna@fnnews.com Song Kyung-jaedympna@fnnews.com Song Kyung-jae Reporter