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.
Trump said he was going to drain the swamp.
Apparently, the drain is clogged.
Trump picked another swamp creature to chair the Federal Reserve. Jerome Powell got the nod to replace Janet Yellen when her term as Fed chair ends in February. As Tho Bishop at the Mises Institute put it, “this means Trump will ensure that, while the stationary at the Eccles Building will change, the monetary policy guiding it likely will not.”