A New Leader — and a New Showdown — at the Fed
5/14/202636 min
After a year of harassing and threatening Jerome Powell, the chairman of the Federal Reserve, President Trump replaced him on Wednesday.
Colby Smith, who covers the Fed, explains how the president ended one standoff only to create a new one.
Guest: Colby Smith, a New York Times reporter covering the Federal Reserve and the U.S. economy.
Background reading:
- The Senate confirmed Kevin Warsh as the new chair of the Federal Reserve.
- Video: How Jerome Powell managed a chaotic era.
Photo: Kenny Holston/The New York Times, Caroline Gutman for The New York Times
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Clips
Transcript preview
First 90 secondsSusan Lee0:00
I'm Susan Lee. I'm a researcher and fact checker with The Daily. What I do is make sure details in our episodes are accurate. For us, every single fact in an episode matters. The Daily is part of The New York Times. We do everything we can to make sure we get the facts right. Subscribers make it possible for us to do that. If you wanna subscribe to The New York Times, go to nytimes.com/subscribe.
Michael Barbaro· Host0:26
From The New York Times, I'm Michael Barbaro. This is The Daily. [upbeat music] On Wednesday afternoon, after a year of harassing and threatening the chairman of the most powerful financial institution in the country, President Trump finally replaced him, sort of. Today, Colby Smith on how the president ended one standoff at the Federal Reserve, only to create a new one. [upbeat music] It's Thursday, May 14th.
Speaker 2· Soundbite1:13
The ayes are 54. The nays are 45. The nomination is confirmed.
Unknown speaker1:27
[pensive music]