The Federal Reserve Act says that governors, appointed by the president but confirmed by the Senate, can only be fired for cause. They also serve 14-year terms, with one serving as chairman for four years. Powell’s term as chairman ends in 2026. A Supreme Court ruling in 1936 has upheld the independence of persons who are appointed to agencies.

Donald Trump has attacked the head of the US central bank for not cutting interest rates, stating that Jerome Powell's "termination cannot come fast enough!". The US president took to social media to renew his criticism of Powell ahead of the third interest rate cut this year by European Central Bank (ECB).