The Powell Political Calculus

Although the quadrennial kerfuffle over appointment of the Federal Reserve chair gets a good deal of public attention, I cannot recall a time when anyone outside banking’s inner circles cared much about who might be the next Comptroller or Vice Chair of Supervision.  And, although they’ve garnered more attention of late in the diversity context, Federal Reserve presidencies were of even less public interest.  Not only are all of these appointments now proving remarkably consequential, but they also pose a particularly thorny political equation for President Biden.