Powell to Stay on as Fed Governor After Chairmanship Ends

Summary

Federal Reserve Chair Jerome Powell announced on April 29, 2026, that he will continue serving on the Fed's Board of Governors after his chairmanship concludes on May 15. The announcement came at his post-FOMC press conference and has drawn significant attention from global financial markets and media outlets worldwide.

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Region	Search Volume (Google Trends)
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According to Kiolix Pulse data, France recorded the highest search interest, followed by the United States. Meaningful search volume was also observed in Indonesia, Turkey, and Taiwan, indicating that Powell's future at the Fed has become a globally watched issue well beyond U.S. borders.

Powell's Decision: "These Legal Attacks Left Me No Choice"

Powell made clear at his press conference that he intends to remain on the Board of Governors after his chairmanship ends. "I had long planned to be retiring," he said, "but the things that have happened really in the last three months have, I think, left me no choice but to stay until I see them through at least that long."

The "legal attacks" Powell referred to are the Trump administration's Justice Department criminal probe into the Fed and Powell personally, ostensibly focused on cost overruns in the renovation of the Fed's Washington headquarters. Powell called the actions "unprecedented in our 113-year history," warning that ongoing threats of further action put the Fed's ability to conduct monetary policy free from political influence at serious risk.

Powell was careful to distinguish between legal pressure and verbal criticism. "This has nothing whatever to do with verbal criticism by elected officials," he said, adding that he has never regarded such criticism as a problem.

A Historic First Since 1948

If Powell remains on the board, it will mark the first time a departing Fed chair has stayed on as a governor since Marriner Eccles did so in 1948—a gap of nearly 78 years. Traditionally, Fed chairs leave the institution entirely when their leadership term ends.

Powell's term as governor runs through January 2028, though he declined to specify exactly how long he plans to stay. "I will leave when I think it's appropriate to do so," he told reporters.

Kevin Warsh Advances Toward Confirmation

Powell's announcement came on the same day that the Senate Banking Committee voted 13–11 along strict party lines to advance Trump's nominee, former Fed Governor Kevin Warsh, to the full Senate floor. Every Republican on the committee voted in favor; every Democrat voted against—making it the first time in history that a Fed chair nominee cleared the committee without a single vote of bipartisan support.

The full Senate is expected to hold a final confirmation vote during the week of May 11, meaning Warsh could be confirmed before Powell's chairmanship expires on May 15. Powell congratulated Warsh at the press conference, calling it "a very normal, standard kind of a transition process."

April FOMC: Rates Held, Historic 8–4 Split Vote

At the April meeting, the FOMC voted to keep the benchmark federal funds rate unchanged at its current target range of 3.5% to 3.75%. While the hold itself was universally expected—markets had priced in a 100% probability of no change—the 8–4 vote was anything but routine. The last time four FOMC members dissented was October 1992.

Of the four dissenters, Governor Stephen Miran voted for a 0.25 percentage point cut. The remaining three—Beth Hammack of Cleveland, Neel Kashkari of Minneapolis, and Lorie Logan of Dallas—voted to hold rates but opposed the inclusion of an "easing bias" in the FOMC statement, signaling they are not prepared to endorse the prospect of future rate cuts.

The Fed's statement cited the war in the Middle East as creating "a high level of uncertainty about the economic outlook," and noted that inflation remains elevated partly due to rising global energy prices.

Political Implications of Powell Staying On

By retaining his board seat, Powell denies President Trump an additional vacancy to fill with a loyalist appointee. The seven-member board currently includes three Trump-aligned figures: Christopher Waller, Michelle Bowman, and Stephen Miran—whose own term has expired but who continues to serve pending a replacement.

Josh Jamner, senior investment strategy analyst at ClearBridge Investments, noted that "the addition of Kevin Warsh to the FOMC will not swing the balance between doves and hawks, as Warsh will take Stephen Miran's seat given Powell's seat will not be open for the time being."

Powell's Plans Going Forward

Powell said he intends to "keep a low profile as a governor" and will not seek to undercut Warsh's leadership once confirmed. He made clear that Warsh will serve as both chair of the Board of Governors and chair of the FOMC. Speculation that Powell might continue as FOMC chair was put to rest by his remarks Wednesday.

Powell indicated that he plans to step down once the Justice Department renovation investigation is "well and truly over with transparency and finality." Following U.S. Attorney Jeanine Pirro's decision to hand the probe to the Fed's inspector general and close the DOJ case, Powell expressed cautious encouragement while signaling he is watching subsequent developments carefully.

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