The Justice Department’s investigation into Federal Reserve Chair Jerome Powell has brought heightened attention to a key drama that will play out at the central bank in the coming months: Will Powell leave the Fed when his term as chair ends, or will he take the unusual step of remaining a governor? Powell’s term as Fed chair finishes on May 15, but because of the Fed’s complex structure, he has a separate term as one of seven members of the central bank’s governing board that lasts until 2028. Many Fed-watchers believe that the criminal investigation was intended to intimidate Powell into stepping off the board after his chairmanship ends. If he stays on, he'd be the first chair to do so in nearly 50 years.
