Economics
Powell’s Fed Sway to Widen in Trump Era of Less Dodd-Frank Rules
- Ex-Carlyle official seen as foundation for Fed’s future
- Critics fault Powell for not doing more to resist regulation
Jerome Powell.
Photographer: T.J. Kirkpatrick/BloombergThis article is for subscribers only.
In some ways, it was rehearsal for the 2008-09 financial crisis. An investment bank was in trouble. Policy makers were working intensely on a Sunday. The aim: avoid the collapse of a big Wall Street firm when the financial markets reopened.
In the midst of it was Jerome Powell, then an assistant U.S. Treasury secretary who’s now the Federal Reserve’s lowest-profile governor.