President Trump Announces Jerome ‘Jay’ Powell As Fed Chair

Jon Alternative Media, Blogosphere, Economy, Fiscal Policies, Government

Having been leaked to most major news organizations last night, President Trump is fully expected to announce that Fed governor Jerome “Jay” Powell is Janet Yellen’s replacement as the next bank-friendly Fed chair.
Live Feed (due to begin at 1500ET)..

Jerome Powell will be the first former investment banker to become Fed Chair (and first non-economics PhD in 40 years).
Powell, a Princeton graduate, was a lawyer in New York before he joined the investment bank Dillon Reed & Co. in 1984. He stayed there until he joined the Treasury Department in 1990. After he left Treasury, he became a partner in 1997 at The Carlyle Group (CG), the private equity and asset management giant. He left Carlyle in 2005.
He will also likely be the richest Fed head ever – Powell’s assets are worth between $21 million and $61 million, according to financial disclosures which require officials to give a range in the value of their various holdings.


This post was published at Zero Hedge on Nov 2, 2017.