Former Fed chiefs have always left the board as soon as their tenure as chair came to an end. It would be a spectacular move, a "Thomas Becket effect,” as Marsh, the OMFIF founder, says. The lord high chancellor of Great Britain, Thomas Becket fell afoul of English King Henry II in the 12th century and paid for his opposition with his life. Since then, the Becket effect has referred to a situation in which someone prioritizes the community’s well-being above their own safety. Trump also doesn’t know for sure what Powell intends to do.