The Most 'Boring Man' in Washington Steps in as Fed Chair

Jerome Powell, a Republican businessman with a legal background, was appointed as the Federal Reserve Chair by President Trump, breaking the tradition of reappointing the sitting chair. Despite not being an economist, Powell's wealth and private sector experience make him a unique choice. His appointment reflects Trump's preference for wealthy individuals and a desire to make his own mark. Powell is expected to maintain continuity with a slight reduction in regulation, which may reassure financial markets.

What is one notable aspect of Jay Powell's background that differentiates him from his predecessors as Federal Reserve Chair?

• He has a degree in economics.

• He is a Democrat.

• He has no experience in banking.

• He is a lawyer by training.

How did Jay Powell first come to the attention of President Obama?

• By convincing lawmakers to raise the debt limit.

• By advocating for lower taxes.

• By supporting increased military spending.

• By opposing healthcare reform.

What is a significant factor about Powell's wealth in relation to his role as Federal Reserve Chair?

• He is the least wealthy Fed Chair in history.

• His wealth is comparable to Paul Volcker's.

• He is the wealthiest Fed Chair ever.

• His wealth is not publicly disclosed.

Why did President Trump decide to appoint Jay Powell as Federal Reserve Chair instead of reappointing Janet Yellen?

• He disagreed with Yellen's policies.

• He was pressured by Congress.

• He wanted to maintain continuity.

• He wanted to make his own mark on the Fed.

What is Jay Powell's expected approach to financial regulation as Federal Reserve Chair?

• He plans to significantly increase regulation.

• He wants to maintain the current level of regulation.

• He intends to eliminate all regulations.

• He supports a moderate reduction in regulation.