Chicago – April 29, 2026
Jerome Powell said he will remain on the Federal Reserve Board as a governor until the legal threats against him are “well and truly over,” signaling he may break with the usual practice of stepping down when his chair term ends in May. Reuters reported that Powell linked his decision to ongoing pressure and legal scrutiny surrounding a Justice Department investigation into his testimony and the Fed’s building renovation costs.
Powell’s term as Fed chair ends on May 15, but his governor term runs until January 2028, giving him the option to stay on the board. The move could preserve his influence over interest-rate policy and limit President Donald Trump’s ability to reshape the central bank quickly.
The legal fight has become a broader battle over Fed independence, with Powell arguing that the probe is part of political pressure on the central bank. A federal judge has already blocked subpoenas tied to the case, and Reuters later reported that the Justice Department was closing the investigation.
