President of the Federal Reserve Jerome Powell he was asked about his future at the central bank beyond the end of his term in May and also offered some advice to his successor.

Powell spoke at a news conference on Wednesday after the central bank left interest rates unchanged at its January meeting after it cut the benchmark federal funds rate by 25 basis points at each of the last three meetings last year.

His mandate as president of the Federal Reserve expires in May, although he could remain at the Fed as a member of the central bank’s board of governors until January 2028 if he chooses.

“Honestly, I would say a couple of things. One is to stay out of elected politics. Don’t get pulled into elected politics, don’t,” he said.

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Federal Reserve Chairman Jerome Powell offered advice to his successor during a January news conference following the central bank’s decision on exchange rates. (Amanda Andrade-Rhoades/Reuters)

“Another is that our window to democratic accountability is Congress, and it’s not a passive burden on us. go to Congress and talk to people. It is an affirmative and regular obligation,” Powell said.

“If you want democratic legitimacy, you earn it by your interactions with our elected supervisors, and so you have to work hard, and I’ve worked hard at it.”

Powell went on to say that his final advice to his successor is to appreciate him Federal Reserve Staffwhich he praised for his professionalism.

President Donald Trump has pressured Powell to cut interest rates, and the DOJ opened a criminal investigation into Powell’s testimony about renovating his central bank headquarters. (Olivier Douliery/Bloomberg/Getty Images)

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“It’s easy to criticize government institutions in a lot of ways. I’ll say to anyone, you’re about to meet the most qualified group of people you’ve not only ever worked with, you’ll ever work with,” Powell said.

“When you meet the staff at the Fed, and not everyone is perfect, but there is no better cadre of professionals more dedicated to the public welfare than those who work at the Fed.”

president donald trumpwho appointed Powell to chair the Fed in 2017, has hinted that he is close to announcing his pick for the Fed’s next chair.

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NEC Director Kevin Hassett and former Fed Governor Kevin Warsh are among the top contenders for Trump’s pick for Fed chairman. (Anna Moneymaker/Tierney L. Cross/Bloomberg/Getty Images)

Potential candidates include former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, BlackRock’s chief fixed income investment officer. Rick Rieder and Fed Governor Christopher Waller.

Powell was also asked at Wednesday’s news conference if he has made a decision on whether he plans to stay on as Fed governor and when that decision might be announced.

“No, and I really once again have nothing for you in this today,” Powell replied.

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Asked in a follow-up why he would want to leave under the circumstances, Powell replied: “Again, I don’t want to get into that… There’s a time and a place for those questions, but it’s not something I’m going to get into today.”