Powell was appointed chairman of the Central Bank in 2018 by former President Donald Trump. Before long, the president regretted that decision. When Powell raised interest rates, Trump brushed him off. He called him “a guy that no one had ever heard of and who now wanted to be the tough one”. Later, he even called his policy “insane”.
Powell did not flinch and calmly charted his own course. Initially, he limited the policy of quantitative easing, with the Central Bank oxygenating the economy by forcing money into it. Later (as early as 2019), he relaxed that policy again. And when the coronavirus hit the United States hard and also hit the economy hard, Powell also let the Bank buy up shares. It got him, after all, the approval of President Trump.
The fact that Powell is a Republican will facilitate his reappointment. After all, the Senate still has to approve that nomination, and the Democratic majority there is extremely tight. Elisabeth Warren has already announced that she will vote against. But Powell can almost certainly count on the support of enough center Republicans.
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