Washington, D.C. – Jason Grumet, president of the Bipartisan Policy Center (BPC), issued the following statement today upon Jay Powell’s confirmation as a member of the Federal Reserve’s Board of Governors. Powell has been a BPC Visiting Scholar since 2010 and was the lead author of BPC’s widely-cited debt ceiling analysis last July.
“The administration should be commended for appointing a bipartisan duo, Jay Powell and Jeremy Stein, to the Federal Reserve’s Board of Governors, and we applaud congressional leadership for overcoming the obstacles that too frequently prevent qualified individuals from going into public service.
“The Bipartisan Policy Center couldn’t be more pleased with Jay’s confirmation today. Jay is a person of the highest integrity, with a collaborative spirit, deep understanding of financial markets and an abiding curiosity and diligence to explore and understand all points of view.
“Jay’s detailed analysis and highly effective presentation of the day-by-day cash flows of the federal government was instrumental in last year’s efforts to resolve the debt ceiling crisis. He will bring a needed business and industry background to his new position at the Federal Reserve, and we look forward to watching him succeed there as he has in all his previous endeavors.”