Investors, not the Fed, control the interest rates that matter most to businesses and consumers. They might demand higher returns if the central bank’s independence comes into question.

In 1997, billionaire Carlyle co-founder David Rubenstein hired a then-relatively unknown member of the George H.W. Bush administration named Jerome Powell. Over the course of eight years, Powell led the private equity firm's industrial group and was a partner.

Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.

The White House accuses the Fed chair of potentially "violating the law" in his renovation of the central bank's Washington, D.C., headquarters.

President Donald Trump has spent months criticizing Federal Reserve Chair Jerome H. Powell, most recently arguing that the central bank should immediately cut interest rates to make it easier for the United States to finance ballooning deficits,

The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.

Jerome Powell has been the Federal Reserve Chair since February 2018. Trump nominated Powell in 2017, but now calls for him to resign. Bessent is