Federal Reserve Chair Jerome H. Powell announced Wednesday that he will remain on the Federal Reserve’s board as a governor after his term as chair concludes in mid-May. Powell’s chairmanship ends May 15, and he said he will step down once President Donald Trump’s nominee to succeed him, Kevin Warsh, is confirmed. However, Powell’s current term as a Fed governor extends through early 2028, and he intends to continue serving in that capacity amid ongoing legal challenges facing the central bank.

Speaking at a news conference following the Fed’s decision to keep interest rates unchanged, Powell expressed concern about what he described as a series of legal attacks targeting the Federal Reserve. He warned that such challenges could undermine the institution’s ability to conduct monetary policy independently of political influence. Powell emphasized his plan to maintain a low profile as a governor, marking the first time since 1948 that a Fed chair will remain on the board after stepping down from the chairmanship.

Powell’s choice to remain came in the wake of a Justice Department inquiry into him and the Federal Reserve’s $2.5 billion office renovation project. The investigation, led by U.S. Attorney Jeanine Pirro for the District of Columbia, has been sharply criticized by bipartisan lawmakers and a federal judge who called it an abuse of prosecutorial power.

On Friday, Pirro announced she would drop the investigation but left open the possibility of reopening it should the Federal Reserve’s inspector general uncover any evidence of wrongdoing. Powell’s decision to stay on the board appears to be a direct response to these events, signaling a desire to maintain continuity at the Federal Reserve as it navigates these unprecedented political and legal pressures.