Staying at Fed ‘Flies in Face of Tradition’ – RedState

As RedState reported earlier Wednesday, Jerome Powell delivered his final speech as Federal Reserve chairman before his term ends on May 15. Meanwhile, Trump’s pick to replace Powell, Kevin Warsh, was approved by the Senate Banking Committee by a 13-11 vote, and the nomination now goes to the full Senate, where he is expected to be confirmed.

But, in an expected surprise, Powell also announced on Wednesday that he would remain a member of the Fed’s Board of Governors even after the end of his term.

This is a clear departure from the way things are usually done:

Although Powell’s tenure as governor allows him to stay at the Fed until early 2028, it is an unusual arrangement because for decades, Fed chairs have left the building when their successor is installed.

Treasury Secretary Scott Bessent agrees, and he appeared on Fox Business Channel to point out the hypocrisy from a man who keeps talking about “tradition.”

I love the way his eyebrow is arched in the first frame of his tweet video:

It is unusual for soon-to-be former Fed Chairman Jay Powell to remain as head of the Fed. @federalreserve. For someone who speaks so often about norms, his unilateral decision to stay goes against tradition.

Kevin Warsh will bring a new day at the Fed, with responsibility,… pic.twitter.com/QAxbwqNo2S

– Treasury Secretary Scott Bessent (@SecScottBessent) April 29, 2026

It’s unusual for soon-to-be former Fed Chairman Jay Powell to remain at the @federalreserve. For someone who speaks so often about norms, his unilateral decision to stay goes against tradition.

Kevin Warsh will bring a new day to the Fed, with accountability, stewardship, and sound policy at the forefront.

MORE: ‘Too late Powell’ leaves rates unchanged as Trump’s choice for successor passes crucial Senate test

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Host Larry Kudlow started things off by saying Powell was “undistinguished” with his stunt, and asked, “Why did he have to do it?”

That’s all Bessent needed to hear before attacking the future ex-president:

I will say it’s very unusual what Powell, soon to be the former chair, did, and Larry, to be clear, the last time a Fed chair stayed on the board, it was at the request of the chairman. One thing I can promise you is that President Trump did not ask Jay Powell to stay.

Ha. This is undoubtedly true, as the president became extremely frustrated and nicknamed Powell “Too Slow Jerome.”

This decision seems hypocritical, believes Bessent:

I think that’s very unusual for someone who calls himself an institutionalist and cares about the Fed’s standards. This is a violation of all Federal Reserve standards.

We have experienced perhaps the worst inflation in the history of our country, certainly in 47 or 50 years, under this president. [true, but let’s not forget former President Joe Biden’s role in that debacle]. I think the good news is that today, Kevin Warsh was cleared to the committee and he’s going to be confirmed.

He will be the new Fed chairman on time, May 15th… and I think it will be a new day at the Fed… And, you know, I think we will have excellent monetary policy. I think we will have excellent management in terms of regulations and facilities.

James Fishback, an investor and Republican candidate for governor in the race to succeed Ron DeSantis in Florida in 2026, summed up the feelings of many people frustrated with Powell:

Fox News asked me if I “ever felt sorry for Jerome Powell when Trump attacks him?”

Me: “No, I don’t feel sorry for Jerome Powell. He’s worth over $200 million. I feel sorry for Americans who can’t get a mortgage because Powell refuses to lower interest rates. I think… pic.twitter.com/QOCnHGknbP

-James Fishback (@j_fishback) April 28, 2026

Fox News asked me if I “ever felt sorry for Jerome Powell when Trump attacks him?”

Me: “No, I’m not sorry for Jerome Powell. He’s worth over $200 million. I’m sorry for the Americans who can’t get a mortgage because Powell refuses to lower interest rates. I’m sorry they can’t start a family because they can’t buy a house. I’m sorry for the single mother who can’t get a credit card because Jerome Powell is trying to undermine the duly elected President of the United States.”

I don’t know what Powell’s motivations are for staying after the party, but there’s certainly every appearance of him just wanting to annoy the president and try to undermine Warsh.

Dessert is served, the last glasses have been drunk, the lights have been dimmed: it’s time to go home, Jérôme.

Editor’s note: Thanks to President Trump’s leadership and bold policies, the U.S. economy is back on track.

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