Jay Powell Is Good At Politics. Just Don’t Call Him Political.
PoliticoThat poor guy has been through a lot since the Senate confirmed him in early 2018, and his endurance in the role offers a lesson in the politics of the American economy. “I was praising him for the soft landing, the incredible numbers that the economy has right now,” Beyer said, but added that Powell had resisted a mission-accomplished moment: “He pushed back and said, ‘That’s where we are today.’” Powell has taken a much more active role than his predecessors in building relationships on Capitol Hill, where he listens to lawmaker views, explains the Fed’s actions and fields their questions on the economy. “He really always played it pretty straight,” said former Sen. Pat Toomey, who used to be the Banking Committee’s top Republican and has often been critical of Fed policy. Last summer, Sen. Thom Tillis in the middle of questioning Powell told the Fed chief that his dog, Gus, “says hello.” “Chair Powell’s met my office dog,” he told the room. “Part of Jay’s view gets formed by the fact that he talks to a bunch of smart people who think about this all the time,” said Randy Quarles, who served as Fed vice chair for supervision under Trump and has known Powell for decades.