The importance of the Chairperson at the Fed, whose words and decisions (made with other members of the Fed’s leadership) greatly impact U.S. and global markets.
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The assigned economics text this week describes the Federal Reserve (the central bank of the United States) and mentions the importance of the Chairperson at the Fed, whose words and decisions (made with other members of the Fed’s leadership) greatly impact U.S. and global markets. For those who may be interested to know, Jerome Powell is the current Chairperson of the Fed, and current US Secretary of the Treasury Janet Yellen was the previous Chairperson of the Fed (the first women to serve in either of these roles, meaning she has broken some significant glass ceilings in her career). Related to the role of the Fed Chairperson, discuss the following:
1. Were you familiar with the names of either Janet Yellen or Jerome Powell before reading the assigned text?
If so, had you ever seen an image of either of them (it may be worthwhile to run a Google image search to confirm whether you know what either looks like) and what did you know about this person whose words and decisions (along with other members of the Federal Open Market Committee) can have such a significant impact on your life (such as whether you have a job and what type of interest rate you can get when you deposit and/or borrow money)?
If not, why do you believe their names and/or images haven’t appeared in any of the mass media communication you’ve consumed (why didn’t the providers of that communication seek to inform you about these people and the role they have in the economy)?
2. Based on the assigned economics text and any other understanding you have, do you support the idea of having a central bank manage the supply of dollars that are not backed by gold or any other asset?
Optional: If you were completely unaware of who Janet Yellen or Jerome Powell are, it may or may not be encouraging to know that most Americans are equally unaware as highlighted in this https://www.pewresearch.org/fact-tank/2014/10/06/whos-in-charge-of-the-fed-dont-bank-on-public-knowing-the-answer/
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