Jerome Powell’s continued service on the Federal Reserve Board of Governors through at least January 2028 reflects the 14-year statutory term structure designed to insulate monetary policy from political interference, even after his chairmanship ended in May 2026 with Kevin Warsh’s confirmation. Recent developments center on the September 2026 inspector general report, which identified oversight deficiencies in the headquarters renovation project but found no criminal misconduct or grounds for referral, reducing leverage for removal. President Trump has renewed calls for resignation citing cost overruns, yet the Department of Justice has not reopened prior probes, and Powell has signaled intent to remain until threats to institutional independence subside. Market-implied odds price a low probability of departure by year-end, consistent with historical precedent that governors rarely exit before term expiration absent resignation or cause. Key near-term catalysts include any administration legal actions or shifts in Fed policy dynamics that could alter Powell’s calculus.