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WSJ reports Trump picks new leader for Federal Reserve: Who is Jerome H. Powell?

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The Wall Street Journal reported Wednesday that President Donald J. Trump plans to nominate Jerome H. Powell to succeed Janet L. Yellen, the current chairwoman of the Federal Reserve Board of Governors.

According to the WSJ:

The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank, according to a person familiar with the matter.

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The president spoke with Mr. Powell on Tuesday, according to another person familiar with the matter who couldn’t describe what they discussed.

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Mr. Trump had settled on Mr. Powell by Saturday, but people familiar with the process had cautioned that he could change his mind. The president plans to formally announce the decision Thursday before he leaves for a trip to Asia on Friday.

Powell, a graduate of Princeton University and Georgetown Law School, was nominated to the board in 2012 by President Barack Obama, but he is considered a Republican, having served as both the assistant secretary and as undersecretary of the Treasury under President George H.W. Bush.

At Georgetown Law, he was the editor-in-chief of the Georgetown Law Journal.

His business career, Powell worked as an investment banker and attorney. From 1997 to 2005, he was a partner at The Carlyle Group, a private equity firm. Before his joining the Federal Reserve Board, Powell was a visiting scholar at Washington’s Bipartisan Policy Center.

A resident of Chevy Chase, Maryland, Powell is married with three children.

 

Big League Economics

SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check

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Democrats in Congress are blocking a bipartisan $1.5 trillion stimulus package that includes a second round of $1,200 TrumpBux payments to Americans.

Leading House Democrats are saying the bill isn’t big enough of a giveaway, but they favor stimulus measures that would divert funds away from the pockets of everyday Americans to institutions. They want to bail out Democrat state and local governments, and are willing to block TrumpBux payments to Americans if they aren’t allowed to.

The House passed a $3.4 trillion stimulus package in May that was shot down by Senate Republicans. The latest $1.4 stimulus legislation has been presented as a compromise, after House Democrats in turn rejected a thin $500 billion stimulus package proposed by Republicans last week. That package did not include a second round of $1,200 payments, and Republicans are now willing to sign off on another TrumpBux payment in order to pass another round of stimulus.

The $1.5 trillion stimulus legislation emerged from the Problem Solvers Caucus, a group of 25 Republicans and 25 Democrats who emphasize bipartisanship and common ground. Aside from TrumpBux 2, it features $500 billion for cities and states, unemployment insurance of $600 a week, increased SNAP benefits and rental assistance.

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Steny Hoyer and Nancy Pelosi are claiming the legislation doesn’t go far enough and that it “leaves too many needs unmet.”

Pelosi and House Democrats are insisting that Congress will remain in session until a second stimulus agreement is met, but in rejecting the Problem Solvers Caucus legislation they’re already shown they’re not open to a generous compromise.

Try asking everyday working Americans of all stripes and walks of life if they’re willing to wait or even go without a second $1,200 stimulus payment in order to provide a bigger bailout to states and cities that already engage in questionable budgetary practices to begin with. The Democrats are resolutely determined to avoid making people the priority in  a stimulus package, and will block stimulus legislation to do so.

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