Forget a ‘shadow’ Fed chair, here’s how the central bank could have two different leaders at once

(Credit: Olivier Douliery—Bloomberg/Getty Images)

• President Donald Trump’s continued pressure on Federal Reserve Chair Jerome Powell and his stated desire to appoint a replacement who will lower rates have raised concerns about potential clashes at the typically consensus-driven central bank. The way the Fed is organized also leaves open the possibility of a split chairmanship.

Federal Reserve Chair Jerome Powell actually wears two hats: He is chair of the Fed’s Board of Governors and chair of the Federal Open Market Committee.