Federal Reserve Chair Jerome Powell announced he will remain on the Fed's board after his term as chair ends May 15, citing legal attacks on the central bank's independence by the Trump administration. This blocks the administration from appointing a replacement to a full Fed board seat and keeps Powell in position to influence Fed policy even after Kevin Warsh takes over as chair next month. The decision reflects escalating legal pressure on the Fed, which has faced multiple Trump administration lawsuits challenging its authority and independence—a pattern Powell characterizes as unprecedented.