Jerome Powell remains on the Federal Reserve Board of Governors after his chair term ended in May 2026, with his fixed 14-year governor term running through January 2028. Political pressure from the Trump administration, including prior DOJ scrutiny of a $2.5 billion headquarters renovation, prompted Powell to stay on to safeguard institutional independence rather than resign as tradition would dictate. A late-September 2026 inspector general report cited management deficiencies but found no criminal violations or misconduct by Powell, leading the DOJ to forgo reopening a probe while the president renewed calls for resignation or legal action. Traders are monitoring the October 28-29 FOMC meeting and November midterms for any shift in administration-Fed dynamics that could influence Powell’s exit timing before his term concludes.