Powell to Stay on Fed Board as Governor, Blocking Trump’s Path to Majority
Federal Reserve Chair Jerome Powell announced he will stay on the Fed Board of Governors after his term as Chair ends on May 15, 2026, citing an ongoing Department of Justice (DOJ) investigation as the reason he cannot retire. The decision keeps Powell in his governor seat through January 2028 and prevents President Donald Trump from filling a fourth Board of Governors slot, a move that would have given the administration tighter influence over monetary policy votes. Powell Stays on as Fed Governor Powell delivered the announcement at what he confirmed was his final press conference as Fed Chair. He told reporters he had planned to retire when his current term ended, but legal pressure from the Trump administration had altered that calculation. Powell said he would wait until the active Department of Justice investigation reached its conclusion before stepping away from the Board. He also rejected the idea that he would operate as a “shadow chair” from his governor seat. “I would never do the ‘shadow chair thing’. I propose to be constructive participant on board,” he stated. Powell also congratulated Kevin Warsh, the Trump nominee expected to take over as Chair on May 15. Trump Loses Path to 4-Seat Board Majority Three of the seven seats on