Story perspectives

Powell Stays, Blocking Trump Majority; Warsh Nomination Advances

4/30/2026

Summary

Story summary

Fed Chair Jerome Powell said he will stay on Federal Reserve (Fed) Board after his term ends on May 15, 2026.
The Justice Department dropped its criminal probe into Powell’s communications about the Fed’s headquarters renovation.
His continued service blocks U.S. President Donald Trump from holding a majority on the seven-member Board.
The Senate Banking Committee advanced Trump nominee Kevin Warsh on April 29, 2026, moving him toward Fed chair confirmation.

History

Historical Context

In July 1979 President Jimmy Carter appointed Paul Volcker as Fed chair; he raised the federal funds rate to a 20% peak in June 1981, cutting inflation from a 14.8% March 1980 high to below 3% by 1983. Today, Jerome Powell’s term ends May 23 2026, and Trump’s push for Kevin Warsh as successor revives the historic clash over presidential influence on the central bank.

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Story summary

Fed Chair Jerome Powell said he will stay on Federal Reserve (Fed) Board after his term ends on May 15, 2026.
The Justice Department dropped its criminal probe into Powell’s communications about the Fed’s headquarters renovation.
His continued service blocks U.S. President Donald Trump from holding a majority on the seven-member Board.
The Senate Banking Committee advanced Trump nominee Kevin Warsh on April 29, 2026, moving him toward Fed chair confirmation.

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