Chicago – March 13, 2026
WASHINGTON (Reuters) – Attorneys for Federal Reserve Chair Jerome Powell have discussed the possibility of him remaining on the central bank’s Board of Governors after his chairmanship ends in May 2026, according to court documents released Friday.
In a January 29 meeting with U.S. Attorney Jeannie Pirro, Powell’s legal team stated he would not leave the board while under criminal investigation over his congressional testimony on Fed headquarters renovations, but might prioritize family if cleared. This unprecedented stance could block President Donald Trump from securing a board majority, as Powell’s governor term extends to January 2028.
The remarks surfaced in a Justice Department probe, where a federal judge on Friday quashed subpoenas against the Fed, citing lack of evidence and political motives tied to Trump’s push for rate cuts. Powell, 73, has stayed silent publicly on his plans, amid speculation over Fed independence.
Trump’s nominee Kevin Warsh faces confirmation hurdles, heightening the board’s pivotal role in monetary policy.
