"Jerome Powell stood tall. He stared down the president. The DOJ blinked. This reflects the significant pressure and challenges faced by the Fed during Powell's tenure."
"The investigation into Powell's handling of cost overruns at a Fed renovation project created an unprecedented standoff, impacting the nomination process for his successor."
The Federal Reserve is facing unprecedented circumstances as it prepares for a policy meeting. Jerome Powell's term as Fed chair is ending, and Kevin Warsh's nomination to replace him was stalled due to a Justice Department investigation. Recently, the investigation was closed, allowing Warsh's nomination to move forward. Republican Senator Thom Tillis has agreed to let the nomination proceed, which could lead to Warsh's confirmation before Powell's term ends. Powell's leadership during this period has been noted positively by economists.
Read at The New Yorker
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