The Progressive Case Against Jerome Powell Is Weak
It’s wrong to see the Federal Reserve as primarily a bank regulator.
Th right man in the right job at the right time.
Photographer: Win McNamee/Getty Images North AmericaIn their first terms, both Bill Clinton and Barack Obama reappointed the Republican chairs of the Federal Reserve that they had inherited from their predecessor. Donald Trump did not follow suit, reasoning that even though he thought Janet Yellen was “terrific,” you’d “like to make your own mark.”
Until recently, I thought Trump had the right view, and that President Joe Biden should follow suit and replace Jerome Powell with a Democrat. But the White House has apparently not yet made up its mind — and I’ve changed mine: Despite some discord from within his own party, Biden should put an end to speculation as soon as possible and announce another term for Powell.