Jerome Powell’s 14-year term as a Federal Reserve governor extends through January 2028, well beyond his May 2026 chairmanship, which ended with Kevin Warsh’s confirmation as successor. Powell announced in late April that he would remain on the Board for an undetermined period to ensure final resolution of the Justice Department’s probe into headquarters renovation cost overruns, citing risks to monetary policy independence from administration pressure. Governors serve staggered 14-year terms and can be removed only “for cause,” a high legal bar reinforced by the Supreme Court’s June 2026 ruling blocking the attempted dismissal of Governor Lisa Cook. With the criminal investigation now referred to the Fed inspector general and no active removal efforts reported, trader focus centers on whether political dynamics or probe developments could prompt an earlier exit before year-end or into 2027. Key near-term catalysts include FOMC meetings under the new leadership and any inspector general findings.