Economics

Powell, Once an Also-Ran, to Chair Trump’s Bank-Friendly Fed

Continuity candidate said to get nod over would-be disrupters
He’ll be first Fed chief since Volcker without economics Ph.D.

University of California’s Brad DeLong discusses Jerome Powell would bring to the role of Federal Reserve chairman. (Source: Bloomberg)

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By Rich Miller

November 1, 2017 at 10:30 PM UTC

Updated on

November 2, 2017 at 11:44 AM UTC

This article is for subscribers only.

A few months ago, Jerome Powell was reckoned to be too tough on banks to get President Donald Trump’s nod for a key supervisory post at the Federal Reserve.

Now he’s said to be in line for the top job as Fed chairman, with the expectation that he’ll make life easier for the financial industry. A White House announcement is set for Thursday at 3 p.m. in Washington.