One of President Donald Trump’s most notable second-term foils has been Federal Reserve chairman Jerome Powell, who has repeatedly defied the president’s calls to dramatically lower interest rates.
After the central bank once again decided to keep rates the same at this week’s meeting, Powell shared his decision on a topic that has been widely speculated on across the financial and political realms.
The New York Post provided this report:
Powell confirmed he will stay on as a member of the Board of Governors after his term as chair expires May 15, extending his tenure at the Fed in defiance of efforts by President Donald Trump’s allies to pursue criminal charges against him over cost overruns tied to the central bank’s headquarters renovation.
ADVERTISEMENT“I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that,” Powell said Wednesday.
He acknowledged the decision marks a shift from his earlier plans to step aside.
“I had long planned to be retiring… [but] the things that have happened in really in the last three months… left me no choice but to stay and see them through at least that long,” Powell said.
Powell emphasized his continued role will be limited, saying, “After my term as chair ends on May 15, I will continue to serve as a governor for a period of time… I plan to keep a low profile as a governor.”
His confirmation sparked widespread social media discussion:
Powell intent on destroying the economy further AND hurting Trump in midterms. approve Warsh and get Powell out!
— Pierre Delecto’s twin brother (@pierredelecto91) April 29, 2026
Powell is a piece of 💩
Not one reporter had the balls or common sense to ask what exact specific criteria he still needs to see to resign as a Gov?
His remaining is an overtly political act and totally contradicts his stance the Fed shouldn’t be political.
— Mr Sinatra (@MrSinatra_MDW) April 29, 2026
And they accuse Trump of wanting to not leave office but ignore this POS. You don't hate or mistrust the news media nearly enough
— It's Just GLB..Always Has and Always Will (@JustBully114729) April 29, 2026
Axios added some additional details:
Why it matters: It extends Powell’s influence over monetary policy beyond the conclusion of his term as Fed chair on May 15. His term as one of seven Fed governors extends through January 2028.
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It denies Trump the immediate opportunity to fill a vacancy on the influential Fed board.
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Powell’s term as chair ends on May 15, but his term as a governor goes through Jan. 31, 2028.
Just a few days earlier, Trump asserted that he would fire Powell “if he’s not leaving on time”:
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