Question

Is the former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System. He represented the Federal Reserve on several international policy groups and served on key Federal Reserve System committees, including Payment System Oversight, Reserve Bank Operations, and Supervision and Regulation.

Answer 1

The Chair of the Federal Reserve Board of Governors, notably Jerome H. Powell, possesses significant influence over financial markets, capable of influencing them with just a public statement.

Step-by-step explanation:

The individual who often can make a financial market crash or soar with a public statement is the Chair of the Federal Reserve Board of Governors. Jerome H. Powell is the current incumbent, having been appointed by President Donald Trump in 2018 and reappointed by President Joe Biden in 2021. Aside from setting vital monetary policies that impact inflation and unemployment, the Chair also leads the Federal Reserve Board in overseeing the network of twelve regional Federal Reserve Banks.

The Federal Reserve Board consists of seven governors, each serving a 14-year term, with appointments made by the President and confirmed by the Senate. This structure aims to ensure that policy decisions are made based on economic merits, insulated from political pressure. Significantly, the decisions of the Federal Reserve do not require congressional approval, underscoring the independence of this central banking system.