Jerome Powell to Remain Fed Governor After Chairmanship Ends Amid Headquarters Renovation Probe

On April 29 2026, Fed Chair Jerome Powell said he will stay on the Board of Governors after his chairmanship ends on May 15, serving as a governor while the headquarters renovation probe continues. His decision prevents President Donald Trump from gaining a board majority.

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Alleged irregularities in the renovation of the Fed’s Washington headquarters triggered a federal investigation. U.S. Attorney Jeanine Pirro subpoenaed Powell; a court dismissed it, and she appealed, referring the case to the Fed’s inspector general, which removed the criminal element while the inquiry stays open.

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The seven-member Board includes three Trump-appointed members—Christopher Waller, Michelle Bowman, and Stephen Miran (who will leave after Kevin Warsh’s confirmation). If Powell exited, Trump would hold a four-member majority; Powell’s stay preserves a 3-3 split between Trump-aligned members and independents.

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April 29 2026 – Powell announces continued service; Senate Banking Committee advances Kevin Warsh’s nomination. In the past three months – court dismisses Pirro’s subpoena, Pirro appeals, and the inspector general assumes review.

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Powell said his service will be guided by the “best interest of the institution and the people we serve,” noting recent probe developments have encouraged him to stay. He pledged a low-profile role as governor and stressed the need for transparency and finality.

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President Trump has repeatedly attacked Powell, calling the criticism “unprecedented in our 113-year history.” Powell warned that such personal attacks risk “battering the institution” and jeopardize the Fed’s ability to conduct monetary policy free from political pressure.

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A federal court dismissed Pirro’s subpoena, but she has appealed and said she will reopen the investigation if criminal evidence emerges. The inspector general’s review has not yet produced a public report, leaving the probe’s scope and timeline unclear.

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• “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.” — Jerome Powell, Federal Reserve Chair

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• “I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policies without taking into consideration political factors,” — Jerome Powell, Federal Reserve Chair

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• “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," he said.” — Jerome Powell, Federal Reserve Chair

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• “I plan to keep a low profile as a governor,” — Jerome Powell, Federal Reserve Chair

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The Senate will vote on Kevin Warsh’s confirmation in the coming weeks, deciding whether Trump secures a board majority. The inspector general’s findings on the headquarters renovation are expected later this year, and Pirro’s appeal could revive a criminal probe. Powell’s future actions as governor will depend on these outcomes.

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