Federal Reserve Chair Jerome Powell was once on the verge of being fired by President Donald Trump for not doing enough to turbocharge the U.S. economy. Now, he stands a decent chance of keeping his job no matter who is elected president.
In early March, with an eye toward the damage that could be caused by the pandemic, the Fed slashed rates to zero, which also ended its main source of conflict with Trump.
But since the pandemic, the Fed chief has kept financial markets functioning, which could go a long way toward putting him back in the president’s good graces, along with his close working relationship with Treasury Secretary Steven Mnuchin. Even at the height of Trump’s broadsides against Powell, GOP lawmakers repeatedly complimented the central bank chief for maintaining a commitment to Fed independence, a reference to its freedom to stress long-term policy over short-term politics.
The central bank has moved to give those institutions more leeway to make risky trades and more advance information about tests that examine their preparedness for severe recessions, although it has not been as aggressive in deregulating as many Republicans would like. But Powell, who was appointed to the Fed board by President Barack Obama in 2012, also stuck by Fed Governor Lael Brainard, the last remaining Democrat on the central bank’s board, when she refused to go along with fellow bank regulators in overhauling rules under the Community Reinvestment Act.
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