Reuters: Powell Plans to Stay as Fed Governor Through 2028 in Response to DOJ Criminal Probe

Federal Reserve Chair Jerome Powell’s term as chair expires in May 2026, while his term as a governor runs through 2028. Fed chairs have typically left the central bank after stepping down. Powell would break with roughly 75 years of precedent if he remained as a governor, potentially complicating the leadership transition, monetary policy coordination and market confidence.

Reuters, citing unsealed court documents, reported that Powell’s lawyers said he would remain through 2028 if the Justice Department continued its criminal investigation. They described the probe as retaliation for his refusal to comply with political demands for interest-rate cuts. Federal prosecutor Jeanine Pirro later withdrew an appeal, while the DOJ asked the court to quash the subpoenas, effectively putting the investigation on hold. Whether Powell will remain at the Fed has yet to be confirmed.