Editorial Board
Powell Is Right to Demand Clarity on Fed Independence
One last thing before he goes.
Photographer: Anna Moneymaker/Getty Images
Federal Reserve Chair Jerome Powell said last week he intends to remain on the central bank’s board after his term as chairman ends on May 15 — unless the Justice Department ends “with finality and transparency” its criminal investigation into the Fed’s renovations of its headquarters.
Powell’s decision is unusual and, as he doubtless appreciates, not without cost to the institution. It’s also entirely justified.