Powell to remain on Fed board after chair term ends: Should Trump worry?

United States Federal Reserve Chair Jerome Powell, whose term is set to end in May, has made it clear that he will not be leaving the Board of Governors, in an apparent challenge to the U.S. President Donald Trump.

In a press conference on Wednesday, April 29, 2026, the outgoing Fed Chair said that he wants to keep a low profile as the nominated Chair Kevin Warsh takes charge next month.

Powell said, “I will leave when I think it’s appropriate to do so.” His stay will mark the historic first of a Fed Chair staying on at the end of their chairmanship since 1948.

This comes amid threats from the Department of Justice (DOJ) that it would reopen a criminal probe against the governor if warranted. The investigation was related to renovation at the Fed’s headquarters.

Powell expressed concerns regarding the series of legal attacks on the Fed, which he said were a threat to the independence of the central bank and threatened its ability to conduct monetary policy without political interference.

He said, “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.”

This also appears to be a significant challenge for President Trump, who appeared keen to get rid of Powell as Fed Chair amid disagreements over interest rate policy.

Jerome Powell's term as Chair of the Federal Reserve ends on May 15, 2026.