Trump: If we have a good Federal Reserve chairman, he will cut interest rates and have a pretty good idea for the next Federal Reserve chairman, which will be announced soon. Powell's term as Federal Reserve Chairman will end on May 15, 2026, and his term as a member of the Federal Reserve Board of Governors will continue until January 31, 2028. But there has been no precedent in the past 70 years for a former chairman to continue serving as a director after stepping down.