Jerome Powell will take the reins of the Federal Reserve next year. After all the speculation about big changes at the Fed with Trump in the White House, it appears the new boss is pretty much the same as the old boss.
So much for draining the swamp. Powell is a swamp creature. As Peter Schiff pointed out, “He has pretty much voted in lockstep with Janet Yellen the entire time she has chaired the Fed. The only real difference between the two is party affiliation. Powell is affiliated with the Republican Party, even though he was nominated to be on the Fed by Barack Obama. So, obviously not that strong a Republican if he was acceptable to Barack Obama.”
In an article published on the Mises Institute blog, Ryan McMaken expanded on this theme, echoing Hunter Lewis who said Powell is more like Chuck Schumer than Donald Trump.