{"id":4793,"date":"2025-04-28T21:39:52","date_gmt":"2025-04-28T21:39:52","guid":{"rendered":"https:\/\/nationalgunowner.org\/index.php\/2025\/04\/28\/jerome-powells-two-unique-strengths-according-to-his-old-boss\/"},"modified":"2025-04-28T21:39:53","modified_gmt":"2025-04-28T21:39:53","slug":"jerome-powells-two-unique-strengths-according-to-his-old-boss","status":"publish","type":"post","link":"https:\/\/nationalgunowner.org\/index.php\/2025\/04\/28\/jerome-powells-two-unique-strengths-according-to-his-old-boss\/","title":{"rendered":"Jerome Powell\u2019s Two Unique Strengths, According to His Old Boss"},"content":{"rendered":"
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Jerome Powell speaks during an interview with David Rubenstein for The Economic Club at the Marriott Marquis on July 15, 2024 in Washington, D.C. Getty Images<\/span><\/figcaption><\/figure>\n

Before leading the Federal Reserve,<\/a> Jerome Powell<\/a> had a career on and off Wall Street spanning nearly three decades. Among the handful of people who worked closely with him for an extended period was David Rubenstein<\/a>, the founder of the Carlyle Group (CG)<\/a>. Speaking at a conference last week, Rubenstein described Powell as \u201ca nice guy, a lawyer by training\u2014not an investment banker, not an economist,\u201d and credited this background for his success as Fed chair.<\/p>\n

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\u201cHe explains what he\u2019s going to do before he does it, which many Fed chairs didn\u2019t do,\u201d Rubeinstein said during an onstage interview at Semafor\u2019s World Economy Summit in Washington D.C. on Friday (April 25). \u201cWhen Paul Volcker<\/a> and Alan Greenspan<\/a> were chairs, they would take action, and you had to figure out later what they really did, because they didn\u2019t have press conferences.\u201d<\/p>\n

The tradition of the Fed hosting press conferences after Federal Open Market Committee (FOMC) meetings started with former Fed chair Ben Bernanke in 2011. Powell has expanded the practice\u2014now briefing the press after every FOMC meeting\u2014the committee meets eight times a year\u2014in an effort to improve transparency and communication around monetary policy.<\/span><\/p>\n

Powell was a partner at Carlyle from 1997 to 2005, leading a U.S. buyout fund. After leaving the private equity firm, he founded Severn Capital Partners before returning to public service in 2012 as a member of the Federal Reserve Board of Governors, nominated by former President Barack Obama. He assumed the role of chair in 2018.<\/p>\n

Powell recently made headlines after President Donald Trump threatened to fire him\u2014a threat Trump later walked back. The President\u00a0has criticized the Fed\u2019s interest rate policies and Powell\u2019s warnings that tariffs would drive higher inflation.<\/p>\n

Rubenstein praised Powell\u2019s calm in the face of such attacks. \u201cOne of the things he\u2019s done very well is not responding to criticism,\u201d he said, then turned to the audience and asked, \u201cHow many of you here would like to be beat up by the leader of the free world and just not say anything in your defense?\u201d<\/p>\n

\u201cJay has been very good at basically keeping his head down, not criticizing anybody who\u2019s criticizing him, and just dealing with the problems that the Fed sees,\u201d he added. \u201cI think he\u2019s got the confidence of the [Fed] board and the confidence of the people setting interest rates.\u201d<\/p>\n

Powell is widely respected across Washington and Wall Street for his steady leadership during the Covid-19 pandemic\u2014cutting interest rates to near zero, launching massive bond-buying program and supporting emergency lending facilities. While criticized for a slow response to post-pandemic inflation, Powell course-corrected rapidly, hiking interest rates at the fastest pace in four decades while successfully avoiding a recession.<\/p>\n

\t\t\t\t\"Jerome<\/p><\/div>\n