How lawmaker ties helped shape Fed chairman’s COVID-19 response
By Sylvan Lane
Federal Reserve Chairman Jerome Powell’s deep ties with lawmakers are paying off as the central bank deploys trillions of dollars in financial support for the economy with the blessing of Congress. …“For the Fed to act independent of the executive branch, it needs to ensure that the nation, as represented by the Congress, is comfortable with and supportive of those independent actions. If the Fed loses the confidence about the White House in the Congress, it’s an institution at enormous peril,” said Karen Shaw Petrou, managing partner of Federal Financial Analytics. “He’s making a strong case why they will work and I think that’s why Congress is giving him a chance to let them work.”