A new confrontation between the Trump administration and the Federal Reserve may be taking shape over a simple question: Who runs the Federal Reserve after May 15? That’s the date Jerome H. Powell’s term as Fed chair expires. If Kevin Warsh, President Donald Trump’s nominee to replace him, hasn’t been confirmed by the Senate by then, Powell has said he plans to stay on as the acting chief of the Fed board. “That is what the law calls for, that’s what we’ve done on several occasions — including involving me — and that’s what we’re going to do in this situation,” he told reporters last month. Powell’s term as one of ... (full story)