Sophia's resume is sufficient, a graduate of the Wharton School of Business, a Ph.D. in economics, and a long-term senior bank manager, although not a bank in the Federal Reserve System, but a world-class bank.

Among the several investments led by Sophia, which is still the bank's biggest profit growth point, they have invested in companies such as Guge, Amazon, and Pingguo, and Sophia turned down the position of vice president and left with dazzling results.

Bernanke's nomination was approved internally, and an invitation was sent to Sophia.

The full name of the chairman of the Federal Reserve Bank of the United States is "Chairman of the Federal Reserve Board of the United States".

The chairman of the United Federal Reserve is often considered to have the same role as the Secretary of the Treasury, and he is different from the Secretary of the Treasury in that they are both appointed by the President of the United States and voted by the Senate, and the Chairman of the United Federal Reserve must first be appointed to the Board of Ministers (a total of 7 members) and approved by the Senate. Therefore, the chairman of the Fed has to go through two appointments and two votes. The members of the Committee are appointed for a non-renewable term of 14 years and the Chairman for a four-year term of office.

In contrast, the Minister of Finance acts in accordance with the will of the President of the United States, and he can be removed by the President at any time, but the President cannot remove the President of the United States Federal Reserve at will, except that in the process of appointment, the President of the United States Federal Reserve may be related to the President, and under normal circumstances, the United Federal Reserve as a whole and the President of the United States Federal Reserve are essentially independent of the President.

The Mi Fed is responsible to Congress, and Congress can amend the laws and regulations that are the basis for the operation of the Mi Fed at any time, and it is correct to say that the chairman of the Mi Fed has more influence on the economy and more power than the secretary of the treasury.

Few people in power mention the role of finance minister, although he is fifth on the presidential waiting list (the fifth place on the presidential waiting list for the president to replace him or her if he is unable to perform his duties due to illness, death, or other reasons).

Although the chairman of the Mi Fed is not a member of the cabinet and his name does not appear on the presidential waiting list at all, these are not problems, and these do not diminish the prestige and influence of the chairman of the Mi Fed in any way.

Sophia was born in a banking family, and worked hard all her life to work for the Federal Reserve of Mi, just as people in politics want to get into the Senate, and it is a great honor to be able to work here, and the elder Ronaldson has been a member of the committee for 14 years, and he has been fighting with Greenspan for more than 30 years.

There are only seven members of the committee, the term of office is 14 years, nominated internally, voted by the Senate, and finally signed by the president before it can take effect.

Because it is extremely important, there is plenty of oil and water, and the competition is extremely fierce, and those who are not talented and capable cannot hold the position.

There are seven internal nominees this time, and Sophia is the only woman among the seven nominees, and the youngest one, only 45 years old, the only post-70s generation in the committee and the nominees.

Bernanke, who was born in Georgezo in five or three years, is now in his sixties, and can also be called a young Zhuang faction.

When Bernanke was elected by Bush as a mid-Fed governor in '02, he looked a little apprehensive, but it was clearly understandable: his friend and colleague at Princeton University, economist Alan Blind, had only spent two years as vice chairman of the Mid-Fed before leaving because of a disagreement with Alan Greenspan and returning to academia.

In the nearly three years since Bernanke left academia to join the Fed, Bernanke has shown himself more of a scholar than a political decision-maker within the system. With many new ideas in his head, he quickly earned himself the title of "personal idea factory". His free-thinking approach is popular with bankers and investors who have long been accustomed to the Fed's highly cautious style.

At the same time, Bernanke is also known for his staunch stance in favor of setting inflation targets in the MI Fed, and on this point, he is a rare disagreement with Michael Fed President Alan Greenspan, and is openly a figure who is not in the same pot as Greenspan.

During his time at the Fed, Bernanke was admired by his colleagues for his ability to work well and be honest. He is accustomed to using his academic background and careful analysis of the latest data to solve the economic problems of the day, and then let people understand his ideas in a language that can be understood by non-specialists, and explain complex economic problems in an easy-to-understand and straightforward way.

A colleague summed up the future president this way: "He is a bit shy and usually dressed modestly, and he is very different from the senior executives of the companies that Bush prefers to choose in high-level economic decision-making positions." ”

In 2006, Bernanke was appointed chairman of the Federal Reserve Bank of China, and his career reached an unexpected peak from a small town in South Carolina to a prestigious academic temple to public office.

But he had no time to celebrate, and in 2007, when the housing bubble burst, the inherent flaws of the global financial system were exposed, and it was on the verge of collapse, from the collapse of the investment bank Bear Stearns to the unprecedented bailout of the insurance giant AIG, Bernanke and his team worked hard to use all the tools at their disposal to contain the spread of the financial crisis, so that the United States and the world economy could continue to function.

The public was indignant at Wall Street's greed, and Bernanke and his team were under tremendous pressure, but with the active support of the president, they finally succeeded in restoring stability to a crumbling financial system, and once the country's economy completely collapsed, the scale and consequences would be unimaginable, but Bernanke and others turned the tide with extraordinary creativity and determination, and they proposed a series of unconventional rescue tools to help the country's economy recover, creating a model that other countries could compete to follow.

And he has a good relationship with the old Ronaldson, and he cooperated happily during his work at the Mi Fed, and this time he, a big man in the country, nominated Sophia because of his appreciation for her ability, he did not appreciate Sophia's investment ability, but appreciated Sophia's views in macroeconomic and monetary policy consistent with him.

In her economic paper published two years ago, Sophia advocated setting a clear inflation target, that is, to keep inflation at a certain level for a certain period of time, which she believes would both guide the market's inflation expectations and help the Fed improve the credibility of its price stability target.

This view is consistent with Bernanke's policy of controlling inflation, which he has the nickname "The Book of Printed Newspapers", which originated from his disagreement with Greenspan on inflation, and was given by the public on the basis of his idea that if necessary, it is possible to increase liquidity by printing large quantities of money, which is not a good nickname, but it is effective in controlling inflation within a certain range.

This is a great thing for many people, but it is not necessarily good for Sophia, who is the chairman of the family foundation and controls tens of billions of assets.

If she had been offered this invitation before becoming the president of the family foundation, she would have gladly agreed and fought for it with all her might, which was her life's goal, which could realize her self-worth in life, but after having a lot of assets, this goal was not as sacred and noble as before.

As the controller of the family fund, the power and profits are the same, and the more important money earned is his own, only working for himself, this kind of freedom without restraint is very wonderful, but this position is coveted, so that the family feels honored, the bank family wants to sit in this position, more difficult than ordinary people, in the past 30 years, few have been nominated by the chairman, so through Sophia's grandson, several of her sisters came together to lobby her to fight for this profession.

As one of the seven members of the Federal Reserve Board, this is a great right, to participate in and formulate national economic policy together, a tenure of up to 14 years, so that this son is extremely rare, many presidents are regretted that they cannot appoint one during their term of office, when the old Ronaldson's position was the result of spending countless money and mobilizing countless connections, and now, he took the initiative to send it.

This is not the face of the elder Ronaldson, if he had this face, he would let his son James sit instead of marrying off, and give up the inheritance and change the surname of his daughter.

Sophia's eldest brother James brought a handwritten letter from the elder Ronaldson, he hoped that Sophia would not give up this position, this is the real right, a person like Sophia who was born in a wealthy tycoon, can exert an influence, which is by no means comparable to an ordinary elite family like Bernanke, which is a huge benefit to their family.

For the current Sophia, money can no longer impress her, thanks to the family fund designed by Mark, the wealth in her name has reached nearly 5 billion, and they are all high-quality assets, growing steadily.

To impress her, perhaps only power, influence, ideals, these things, before becoming the chairman of the family foundation, the Federal Reserve Board was undoubtedly her highest dream, but now, it is not.

The problem that constrains Sophia is the family, the family foundation, if she serves on the committee, she will live in the capital for a long time, and her family's main property is concentrated in Los Angeles, who will manage the family fund? Will David move over? What should Kayla do? Where should she study? These are all factors that constrain her as a strong woman.

As for the opinions of her brothers and sisters, she directly ignored them, they have always measured one thing by interests, and they will do whatever benefits are more, and of course they are inclined to Sophia's position in the Mi Fed.

When Sophia asked David, David said: "Before making a major choice in life, you must first consider whether this is what you want, no matter how abundant material things are, you can't fill the spiritual emptiness, Mark is already so rich, why do you want to make movies?"