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Judge blocks Trump from closing East Potomac Park golf course for now Trump asks Supreme Court to curb judges' power to void unlawful rules nationwide On tape: Richard Blumenthal says the Trump administration let $190 million in anti-human trafficking grants lapse On tape: Rep. Chip Roy, a Republican, on the House floor: the president never asked Congress before sending troops… Massie to force new House vote to end Trump's Iran war before he leaves in January Over 200 Democrats ask appeals court to strike down VA's abortion ban for veterans Kushner says U.S. is brokering Europe-Russia talks and planning next Ukraine round Blumenthal says Lutnick 'must go' over stalled Nvidia chip blacklist for Megaspeed NBC says Democrat Mary Peltola likely to beat Sen. Dan Sullivan in Alaska On tape: Hakeem Jeffries: Commerce Secretary Howard Lutnick could face Intel Committee subpoenas over Nvidia scandal Judge blocks Trump from closing East Potomac Park golf course for now Trump asks Supreme Court to curb judges' power to void unlawful rules nationwide On tape: Richard Blumenthal says the Trump administration let $190 million in anti-human trafficking grants lapse On tape: Rep. Chip Roy, a Republican, on the House floor: the president never asked Congress before sending troops… Massie to force new House vote to end Trump's Iran war before he leaves in January Over 200 Democrats ask appeals court to strike down VA's abortion ban for veterans Kushner says U.S. is brokering Europe-Russia talks and planning next Ukraine round Blumenthal says Lutnick 'must go' over stalled Nvidia chip blacklist for Megaspeed NBC says Democrat Mary Peltola likely to beat Sen. Dan Sullivan in Alaska On tape: Hakeem Jeffries: Commerce Secretary Howard Lutnick could face Intel Committee subpoenas over Nvidia scandal
Jerome Powell
Photo: Federalreserve, Public domain

The Administration · Out the door

Jerome Powell

Former Chair of the Federal Reserve (still a Fed governor) Out the door

Chair of the central bank for eight years, he resisted the president's demands for rate cuts, was the target of a criminal inquiry that a judge threw out, and now sits on the board as an ordinary governor.

Why they left: His second four-year term as chair expired in May 2026 and the president chose Kevin Warsh to succeed him; Powell served as acting chair until Warsh was sworn in on May 22, 2026. 1 3 Now: He remains a member of the Federal Reserve Board; his term as a governor runs to January 31, 2028, and he said he would stay until the Justice Department matter was fully closed. 1 2

Biography

Jerome Powell was born in Washington, D.C., on February 4, 1953, and graduated from Princeton in 1975 and Georgetown's law school in 1979. 1 He worked as a lawyer and investment banker, served in the Treasury Department under President George H. W. Bush from 1990 to 1993, and was a partner at the Carlyle Group from 1997 to 2005. 1 President Obama appointed him to the Federal Reserve Board in 2012. 1

President Trump made him chair in 2018, and the Senate confirmed him 84-13; President Biden kept him, and he won a second term 80-19 in 2022. 1 In Trump's second term the president attacked him repeatedly for not cutting rates faster, and in April 2025 Powell said the law does not allow a president to remove him. 1 2

In January 2026 the Justice Department served the Federal Reserve with grand jury subpoenas tied to his Senate testimony about a building renovation. 1 2 Powell said the stated reasons were pretexts for pressure over interest rates. 1 Former Fed chairs of both parties defended him, a federal judge quashed the subpoenas in March as an effort to pressure him, and prosecutors dropped the inquiry in April. 1 2

His term as chair ended in May 2026, and he stayed on as an ordinary governor rather than leave the board, as departing chairs usually do. 2 3 He said he would keep a low profile. 2 His seat runs to January 31, 2028. 1

In the job

What happened while Jerome held the post.

  1. After the president wrote that his removal could not come fast enough, Powell said the law does not permit the president to fire him. 1

  2. The White House budget office examined the cost of the Fed's headquarters renovation as a possible ground for removing him. 1

  3. Disclosed that the Justice Department had subpoenaed the Fed and threatened criminal charges over his testimony on the renovation; he called the reasons pretexts. 1

  4. Judge James Boasberg quashed the subpoenas, finding their main purpose was to pressure Powell. 1

  5. U.S. Attorney Jeanine Pirro announced the investigation was closed; prosecutors said it could reopen if the Fed's inspector general finds wrongdoing. 1 2

  6. His time as chair ended when Kevin Warsh was sworn in; Powell stayed on the board as a governor. 3 2

Disputes, and their side

What critics, courts or investigators have said, and the answer given. An allegation is not a finding.

  1. Prosecutors said the inquiry concerned the cost of the Fed's building renovation and whether Powell made false statements to the Senate. 2

    Their side: Powell said it was a pressure campaign to force rate cuts; a judge quashed the subpoenas and the inquiry was dropped in April 2026. 2 1

Career

  1. Investment banker at Dillon, Read and Co.
  2. Assistant Secretary, then Under Secretary of the Treasury for Domestic Finance
  3. Partner at the Carlyle Group
  4. Visiting scholar at the Bipartisan Policy Center
  5. Member of the Federal Reserve Board of Governors
  6. Chairman of the Federal Reserve

Our reporting

We have not yet published a story that names Jerome Powell. When we do, it will appear here.

Sources for this file

  1. Wikipedia, Jerome Powell, Nov. 13, 2026
  2. CBS News, Senate confirms Kevin Warsh as Fed chair as Trump presses for lower interest rates, May 13, 2026
  3. Wikipedia, Chair of the Federal Reserve, Nov. 13, 2026
  4. FederalReserve.gov, Kevin Warsh, Chairman, Nov. 13, 2026

File checked Nov. 13, 2026. Something wrong or out of date? Tell the desk.