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When does Jerome Powell’s term as Fed chair end?
Jerome Powell’s term as Fed chair is up on May 15, 2026.
In January, President Trump nominated Kevin Warsh to replace Chair Powell once his term is up. “Warsh was Fed Chair Ben Bernanke’s right-hand man during the 2008-09 global financial crisis and was his primary liaison to Wall Street, which earned him credibility he still retains,” writes Kiplinger investing editor David Dittman. “Markets see Warsh as a source of stability should Trump continue to pressure the central bank. He served on the Federal Reserve Board from February 2006 through March 2011.”
With Warsh likely to be approved by the Senate, this makes the April Fed meeting the last for Jerome Powell as Fed chair.
Powell’s term on the Board of Governors of the Federal Reserve runs through January 31, 2028. He has yet to confirm whether he will step down as Fed governor once his term as chair is up, as is customary. Rather, at the March Fed meeting, Powell said that he has “no intention of leaving the Board until the investigation is well and truly over, with transparency and finality,”
– Karee Venema
The next Fed meeting will be Powell’s last
On Friday, the Department of Justice (DOJ) dropped its investigation into Jerome Powell. The probe, launched in mid-January, threatened a criminal indictment related to Fed Chair Jerome Powell’s testimony before the Senate Banking Committee last June about a multi-year project to renovate historic buildings.
Sen. Thom Tillis (R-North Caroline) said he would not vote to advance Kevin Warsh’s nomination as Federal Reserve chair as long as the investigation continued, calling it “a bedrock principle of Fed independence.”
Indeed, President Donald Trump has relentlessly criticized Chair Powell for not lowering interest rates, leaving many to speculate that the DOJ’s investigation was a means of strong-arming the central bank.
But on Friday, U.S. Attorney Jeanine Pirro posted on X that she has directed her office to close its investigation of Powell and the Fed — clearing the way for Tillis to help move Warsh to a full Senate vote.
That vote is likely to come soon. Indeed, the Senate Banking Committee is scheduled to vote on Warsh’s nomination this Wednesday, April 29, at 10 am Eastern Standard Time.
– Karee Venema
Karee Venema
With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021, and oversees a wide range of investing coverage, including content focused on equities, fixed income, mutual funds, ETFs, macroeconomics and more.
Fed meeting schedule for 2026
The next Fed meeting, which runs from April 28 through April 29, marks the third gathering of 2026.
“The committee meets eight times a year, or about once every six weeks,” writes Kiplinger contributor Dan Burrows in his feature, “When Is the Next Fed Meeting?“.
The Federal Open Market Committee “is required to meet at least four times a year and may convene additional meetings if necessary,” Burrows adds, noting that “the convention of meeting eight times per year dates back to the market stresses of 1981.”
Fed meetings last two days and wrap up with the release of a policy decision at 2 pm Eastern Standard Time. This is typically followed by the Fed chair’s press conference at 2:30 pm.
Here is the full remaining Fed meeting schedule for 2026:
April 28 to 29
June 16 to 17
July 28 to 29
September 15 to 16
October 27 to 28
December 8 to 9
