> not really talking about a family here. I’ll switch to “elites” then
An interesting aspect of American central banking is that it doesn’t tend to cross-pollinate with commercial or investment banking. Bernanke went to MIT before a career in academia and government [1]. Yelled worked in government her whole career [2]. Powell, uniquely, worked in the private sector as an attorney and investment banker, but hasn’t been in that world for 15 years [3].
Until 2025, the Fed was legitimately independent of commercial banks’ concerns. Until Trump, Wall Street couldn’t pick its regulators the way it can now.
An interesting aspect of American central banking is that it doesn’t tend to cross-pollinate with commercial or investment banking. Bernanke went to MIT before a career in academia and government [1]. Yelled worked in government her whole career [2]. Powell, uniquely, worked in the private sector as an attorney and investment banker, but hasn’t been in that world for 15 years [3].
Until 2025, the Fed was legitimately independent of commercial banks’ concerns. Until Trump, Wall Street couldn’t pick its regulators the way it can now.
[1] https://en.m.wikipedia.org/wiki/Ben_Bernanke
[2] https://en.m.wikipedia.org/wiki/Janet_Yellen
[3] https://en.m.wikipedia.org/wiki/Jerome_Powell