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Former Federal Reserve heads and their legacies
Powell: Federal funds rate is in a good position, range
Federal Reserve Chairman Jerome Powell says the federal funds rate needs to stay within range.
Fed Chairman Jerome Powell, the 16th person to head the central bank, has gained notoriety for feeling the brunt of President Trump’s ire for, in his opinion, keeping interest rates too high. Despite being appointed by Trump himself, Powell is also known for other things including being the richest person to hold the post since 1948 when Marriner Eccles departed, as reported by the Washington Post.
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Powell, who spent time at private equity firm The Carlyle Group, has an estimated net worth of between $20 and $55 million, according to financial filings released when he assumed his role.
Powell joins a relatively short list of former Fed Heads who have also encountered criticisms and praise during their tenures.