Fury has stepped down as head of SHIELD and is now working to stop them from being corrupt and stuff. Please make this stop. The stories are dumb, the art is awful, and the point nonexistent.
During these issues, all the old SHIELD members return and Nick starts re-forming the agency.
Issue #47 finally ends this book at which point he is, of course, reinstated as Director. And he yells at Bill Clinton.
Here’s the final panel: