His term as chair of the central bank ends on May 15, 2026. 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 central bank’s complex structure, he has a separate term as one of seven members of its governing board that lasts until January 31, 2028. Historically, nearly all Fed chairs have stepped down from the board when they are no longer chair. But Powell could be the first in nearly 50 years to stay on as a governor.Many Fed-watchers believe that the criminal investigation into Powell’s testimony about cost overruns for Fed building renovations was intended to intimidate him out of taking that step. If Powell stays on the board, it would deny the White House a chance to gain a majority, undercutting the Trump administration’s efforts to seize greater control over what has for decades been an institution largely insulated from day-to-day politics.“I find it very difficult to see Powell leaving before midnight on Jan. 31, 2028,” said David Wilcox, a former top economist at the Fed and senior fellow at the Peterson Institute for International Economics. “This is a mortal threat to the governance structure of the Fed as we’ve known it for 90 years. And I think that Powell does take that threat exceedingly seriously, and therefore will believe that it is his solemn duty to continue to occupy his seat on the board of governors.”Powell, 72, was appointed as Fed chair by Trump in 2018, and must step down from the position in May because his second four-year term is ending. He has declined several times to comment on his plans beyond that when asked by reporters. A spokesperson declined to comment for this story.Trump has sought to push out Powell before his time is up, obsessively attacking him for not cutting rates as sharply as the president wants, particularly in light of ongoing concerns about high costs for groceries, utilities, and housing that have remained a salient political issue even as inflation has cooled.On Tuesday, Trump highlighted that mortgage rates have declined in the past year. “If I had the help of the Fed, it would be easier,” he said. “But that jerk will be gone soon.”Or maybe not.Here is a look at the impacts of whether or not Powell stays on the board could have: