Jerome Powell’s term as Federal Reserve Chair ends in May 2026. But he’s not leaving the building.
Kevin Hassett, Director of the White House National Economic Council, publicly criticized Powell on April 30 for his decision to stay on as a member of the Fed’s Board of Governors after his chairmanship concludes. The move effectively blocks the Trump administration from nominating a new board member to fill what would otherwise be an open seat.
The chess match over Fed seats
The Chair position and the governor position are technically separate. Powell’s four-year term as Chair expires, but his term as a governor on the board runs through 2028. So legally, he’s well within his rights to stay.
Hassett’s public expression of “disappointment” is a notable escalation in what has been a long-running tension between the Trump administration and Powell.
