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. 

Kevin Warsh, confirmed by the Senate on May 13, 2026, to be the 17^th chair of the Federal Reserve Board, will succeed Jerome Powell in that post after his second four-year term as chair expires on May 15.  

By law, the Fed chair must be separately confirmed as a member—often called a governor—of the seven-person Federal Reserve Board. Warsh was confirmed for a seat on the Board for a term that runs until 2040, replacing Trump appointee Stephen Miran. (Warsh previously served as a Fed governor from 2011 to 2016.) Powell, whose term as a governor runs until January 2028, has said he will stay on the Board “for a period of time to be determined” and until an investigation into his handling of the Fed’s headquarters construction project is “well and truly over, with transparency and finality.”  

Philip Jefferson was confirmed as vice chair in September 2023, for a four-year term. Michael Barr was confirmed as vice chair for (bank) supervision in July 2022. He resigned as vice chair February 28, 2025, but remains a Fed governor for a term that extends to January 2032. President Trump replaced him as vice chair with Fed governor Michelle Bowman, and she took office for a four-year term in June 2025; her term as governor runs until 2034. Christopher Waller became a member of the Board in December 2020, filling an unexpired term that ends in January 2030. Lisa Cook was confirmed by the Senate in May 2022 to fill an unexpired term, and 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.

The Fed governors 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.

The Fed governors 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.

The president and Senate have no say in picking presidents of the 12 regional Fed banks. They’re chosen by the banks’ 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 they were 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 to lead the San Francisco Fed in October 2018, at the age of 55, falls into the second category, which means her term is up in October 2028. Neel Kashkari of Minneapolis, 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.

*Acting interim president following Raphael Bostic’s resignation effective February 28, 2026. A committee is conducting the search for his successor.