"Yellen's background as a trained economist and experienced Fed official gave her needed independence from the influence of Wall Street,” says Jordan Haedtler, campaign manager for Fed Up, a grass roots Democratic effort. He says it's concerning that Powell would be Trump's second Carlyle Group veteran appointed to the Fed board. Earlier this year, Trump nominated Randal Quarles, another Carlyle Group alum, to an open Fed board seat overseeing bank regulation.

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