Key Takeaways Federal Reserve Chair Jerome Powell’s four-year leadership term ends in May 2026.President Donald Trump has been critical of Powell this year, calling for the chair's termination before walking back those threats.

U.S. President Donald Trump said he will not remove Jerome Powell as Federal Reserve Board chairman before his term ends in May 2026 while describing the central banker as "a total stiff" and repeating calls for the Fed to lower interest rates.

If SCOTUS decides members of independent agencies can be fired at will, the implications could be huge—including for the Federal Reserve.