US Federal Reserve Chair stressed on the need for the Fed to remain “free of political influence” in order to decide monetary policy that truly well serves the people of America.

“It (Fed remaining non-political) is part of the absolute foundation of this amazing economy ⁠that we have. It’s just one of the many reasons why the U.S. economy is the envy of the world,” Powell said, adding that his decision was not about verbal criticism from elected officials.

Powell said his press conference on Wednesday marks his last as US central bank chief, congratulating his expected successor — — on progress in his rocky confirmation process.

“I want to congratulate Kevin Warsh on his advancement out of the Senate Banking Committee this morning. This is an important step forward, and I wish him well as that process continues,” Powell told reporters.

He said he plans to remain on the board of the Federal Reserve after his term as chair ends next month “for an undetermined period of time.” He cited the recent legal actions taken by the Trump administration against the Fed as his reason for staying on.

“I worry that these attacks are battering the institution and putting at risk the thing ⁠that really ‌matters to the public, which is the ability to conduct ⁠monetary policy without taking into consideration political factors,” Powell told a news conference after his last policy meeting as chair.

Powell said these attacks hinder the working of the Fed, and it was important to fight to maintain the independence of the institution and ensure that it does not go on.

If the administration could remove the Fed chief for differing views on monetary policy, that would be the beginning of the end of the Fed’s ability to make monetary policy independently, he said. “If every administration could come in and do that, that is not something that I would agree to.”

Powell said on Wednesday that he will return to being a Fed governor and will try to support the central ‌bank’s prospective ⁠next chair, ⁠Kevin Warsh, and not try to act as a “shadow chair” who attempts to wield outsized influence over monetary policy.

“That’s just something I would never do, you know, the shadow ⁠chair thing,” ‌Powell told a news conference, where he said he ⁠would remain on the board for an unspecified period after his chair term ends in May, keeping a “low profile”.

He said that during his six years as a governor before becoming chair, he understands ‌the role and the difficulty that the chair has in bringing the board ⁠to consensus.

“I don’t want to add to that unnecessarily. And that means trying support the direction the chair wants to go, if you can,” Powell said. “If you can’t, you can’t. That’s the way it’s always worked there.”

(With agencies inputs)