Who has to leave the Federal Reserve next?

The leadership of the Federal Reserve has undergone substantial turnover in the past decade, both at the Board of Governors in Washington and at the 12 regional Fed banks. 

By law, the president nominates a Fed chair and two vice chairs for four-year terms. They must be confirmed by the Senate for those positions in a vote distinct from their confirmation as members of the Fed Board of Governors. Jerome Powell has served on the Board since May 2012, and as chair since February 2018. He was confirmed for a second four-year term as chair in May 2022. His term expires May 2026, and President Trump will nominate his successor as chair. (Powell’s term as a member of the Board runs until January 2028; he hasn’t said if he plans to remain as a Fed governor after his time as chair is over.)  

Philip Jefferson was confirmed as vice chair on September 7, 2023. He succeeded Biden pick Lael Brainard, who left the Fed in early 2023 to head the White House National Economic Council. Michael Barr, another Biden nominee, was confirmed as vice chair for (bank) supervision on July 13, 2022. He resigned as vice chair February 28, 2025, but remains a Fed governor. President Trump chose Fed governor Michelle Bowman for the vice chair post, and she took office for a four-year term on June 9, 2025. Lisa Cook was confirmed by the Senate in May 2022 to fill an unexpired term, and then confirmed a second time in September 2023 for a term that expires in 2038. President Trump has tried to fire her, but so far the courts have ruled that she can remain in office. After Fed governor Adriana Kugler resigned a few months before her term expired, President Trump nominated Stephen Miran, who was confirmed by the Senate for a term that expires January 31, 2026.

The president and Senate have no say in picking presidents of the 12 regional Fed banks. They’re chosen by their private sector boards of directors, subject to the approval of the Fed Board of Governors in Washington. The presidents can serve until they’re 65—unless appointed after turning 55, in which case they can serve for a maximum of 10 years or until they’re 75, whichever comes first. For instance, Mary Daly, appointed on October 1, 2018, at the age of 55, falls into the second category, which means her term is up in October of 2028. Neel Kashkari, the youngest of the current regional presidents, can serve through 2038 (As Kaleb Nygaard has documented, this retirement rule dates to a 1936 decision by the Board of Governors.)

By law, the presidents’ five-year terms expire at the end of February in years that end in one or six. The Fed Board of Governors in Washington could replace any of them, though it hasn’t ever done so. A 2019 opinion by the Justice Department’s Office of Legal Counsel—never tested in court—said that the Fed Board of Governors can remove a Fed bank president “at will.” The law is unclear. The Federal Reserve Act, 12 U.S.C. § 248(f), says, “To suspend or remove any officer or director of any Federal reserve bank, the cause of such removal to be forthwith communicated in writing by the Board of Governors of the Federal Reserve System to the removed officer or director and to said bank.” The use of the word “cause” suggests there has to be one. A different section, 12 U.S.C. § 341 (Fifth), however, says that the board of directors of a regional Fed bank can dismiss any officer “at pleasure.”

In December 2025, the Board of Governors—with all seven members concurring—renewed the terms of 11 of the 12 Bank presidents through 2036. The exception was Atlanta Fed President Raphael Bostic, who had announced in November that he would resign at the end of February 2026.

*Announced his resignation effective February 28, 2026. 

The Fed governors in Washington serve fixed 14-year terms that are staggered; one term expires every two years. If a governor leaves before his or her term is up, the successor completes their term. Governors filling unexpired terms can still be appointed to a new one, meaning that they can serve for more than 14 years. Only two Fed governors, however, have served for more than 14 years in the past half-century of Fed history. The median term length is a little over five years. By law, the president cannot remove a governor except “for cause,” a legal term that means he would have to show that the person had done something wrong.

*Filling an unexpired term, so could be reappointed.

Three of the current members of the Fed Board of Governors were initially appointed by Donald Trump (Bowman, Miran, and Waller). Powell was originally appointed to the Board by Barack Obama in 2012 and was first named chair by Donald Trump during his first term. Powell’s term as chair expires in May 2026, Philip Jefferson’s four-year term as vice chair expires in September 2027, and Michelle Bowman’s four-year term as vice chair for supervision ends in June 2029.