There's a huge difference between Janet Yellen and Trump's pick to succeed her — and it helps explai

Jerome Powell, the nominee to replace Janet Yellen as Federal Reserve chair, appears to favor lighter-touch regulation of the financial sector. This probably endeared him to Donald Trump, who ran for president with chants of repealing the postcrisis Dodd-Frank reforms. Powell's statement that banks were no longer "too big to fail" contradicts the view of many of his fellow regulators — and Wall Street's consensus. The country's three biggest banks together hold assets that amount to more...