US Federal Reserve Chair Jerome Powell on Wednesday said he will stay on the Board of Governors “for a period of time to be determined” while a probe into the renovation of the central bank’s headquarters continues.

Axar.az informs, citing foreign media, that “I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I’m encouraged by recent developments, and I’m watching the remaining steps in this process carefully,” Powell said near the beginning of his post-meeting news conference.

“My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve after my term as chair ends on May 15, and will continue to serve as a governor for a period of time to be determined,” he added.

The Fed board includes seven members, called governors, three of whom are appointed by the president and confirmed by the Senate as chair, vice chair and vice chair of supervision.

Powell’s term as Fed chair ends in May, but his separate term as a Fed board member lasts until January 2028. He previously said he would stay on until the Department of Justice’s criminal investigation into his handling of Fed renovations was resolved.