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Fed Fights:
The Jerome Powell debate & other clashes with the Fed from our archive

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Illustration by Jandos Rothstein

Analysts expect gross domestic product to grow by 10 percent in the
second quarter of this year, with the economy filling the entire chasm
created in the pandemic by the end of June. For 2021, the expectation is
for the fastest economic growth since the 1980s.

This relatively rapid recovery is a remarkable achievement for the U.S.,
and we must credit the Federal Reserve for doggedly sticking to a
zero-interest-rate strategy, and holding firm to that commitment to make
the job market as favorable as possible for workers.

The architect of that strategy is Jerome Powell, the former private
equity executive who has spent nearly a decade on the Federal Reserve
Board and was appointed chair by Donald Trump in 2018. Though Powell is
also the architect of the most persistent bank deregulation of the
post-financial crisis era (or at least, the head of the organization
that led the way on that deregulation), Wall Street has grown more
dangerous on his watch.

The situation has produced an unusual thing in politics lately: a
genuine debate, which we published just last week.

Below are each of the pieces from that debate series, plus others from
our archive that set the stage for this current debate:

Should Biden Reappoint Jerome Powell?
:
Executive editor David Dayen sets up the Powell debate.

Reappoint Powell as Fed Chair
:
Contributor Dean Baker argues in favor of reappointment, arguing that
Biden's presidency depends on it.

Jerome Powell Went Easy on Wall Street
:
Contributor Max Moran asserts that Powell's record on Wall Street gets
in the way of good monetary policy, worsening recessions and inequality.

Reimagining the Federal Reserve
:
Contributor Tracey Lewis highlights the Fed's ability to protect the
financial system from climate-fueled disaster and how Powell has been
reluctant to use this power.

Liberalish: The Complex Odyssey of Lael Brainard
:
Co-founder Bob Kuttner's 2020 analysis of one of Biden's initial
prospective picks for Treasury Secretary, Lael Brainard, arguing she's
no threat to Wall Street.

How Do You Spell Fiscal Relief?
: Here,
co-founder Bob Kuttner explains how as the sole Democrat on the Federal
Reserve Board of Governors Lael Brainard might have led the charge
against Mitch McConnell in 2020.

READ MORE ON THE FED HERE

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