According to a report from The Wall Street Journal, Janet Yellen is history as Jerome Powell is President Trump’s pick for FED chair. As per a video posted on Instagram last week by President Trump, he had, let me quote: “somebody very specific in mind” for the FED job.
Jerome Powell is an establishment guy, serving currently as FED governor and he was notified by the White House he’s going to be upped by President Trump real soon, as the POTUS intends to nominate him as the next Federal Reserve Chairman. The claim is based on an anonymous source, a person familiar with the matter, you know the drill.
According to another source, President Trump had a discussion with Jerome Powell on Tuesday, but the person “familiar with the matter” couldn’t reveal what was discussed. The Wall Street Journal is sure that President Trump is going to tap Powell as the next FED chair, claiming that the POTUS had already settled on his favorite nominee, yet knowing President Trump to be, well, Donald Trump, he could change his mind.
Jerome Powell is 64 years of age and he stood behind Janet Yellen’s policy of gradually raising interest rates, provided the US economy is improving. He also voted for the shrinking of the Federal Reserve’s portfolio, being in favor of reducing the FED’s 4.5 trillion dollar balance sheet.
Provided the WSJ’s claim gets confirmed, Jerome Powell will become the first Federal Reserve Chair to be a non economics PHD and former investment banker in 40 years, and also the richest FED ever, as he’s worth $21 million as per his latest financial disclosures. A Princeton graduate and former New York Lawyer, Jerome Powell joined the Treasury Department in 1990 and then moved on to the private sector, becoming a partner in 1997 at The Carlyle Group, from where he left in 2005.
On May 25th 2012 he was nominated by Barry Obama to serve as FED governor. Welcome to the swamp.