Summary
Jerome Powell, the chair of the Federal Reserve, shared advice for the next person who will take his position, emphasizing staying out of politics and regularly communicating with Congress. His time as chair was marked by tension with President Donald Trump, who often criticized Powell's decisions on interest rates. The Federal Reserve recently decided to keep interest rates the same, and Trump is set to choose a new chair soon as Powell's term ends in May.
Key Facts
- Jerome Powell is the outgoing chair of the Federal Reserve.
- Powell advised his successor to stay out of politics and work closely with Congress.
- President Trump frequently criticized Powell, especially when he didn't cut interest rates.
- The Federal Reserve left interest rates unchanged in its latest policy meeting.
- Concerns about the Fed's independence have increased due to recent legal actions.
- President Trump has not yet announced who will replace Powell.
- Rick Rieder, from BlackRock, is a leading candidate for the new Fed chair position.
