Washington Post

Jerome Powell, Trump's pick to lead Fed, would be the richest chair since the 1940s

Jerome Powell, governor of the U.S. Federal Reserve,is said to be President Trump's pick to lead the Federal Reserve. Bloomberg photo by Andrew Harrer

In 2011, when Republicans were threatening to force the government to default on its debt if the party's policies were not adopted, they found support in a flashy, wealthy businessman: Donald Trump. "The Debt Limit cannot be raised until Obama spending is contained," he tweeted.

A countervailing voice came from a wealthy, mild-mannered businessman who had left the world of high-finance to work for a $1 a year for one of Washington's quiet think tanks. Jerome Powell, a former Carlyle Group executive and investment banker who had served a stint in the George H.W. Bush administration, traveled around Capitol Hill with a large binder from the Bipartisan Policy Center, urging Republicans to understand the risks of a default on the economy...

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