Austan Goolsbee

in 2009, 10, 11, through the financial crisis.

And as I said, I kind of felt like we were old foxhole buddies or something.

We had come from very different backgrounds, but he was level-headed in what was a pretty awful crisis.

So I'm optimistic he's going to be similarly as good as Jay Powell at kind of bringing everybody together and providing leadership.

Not really.

Yes, he's one of 12 votes, but...

For example, the chair is the one who gets to decide what we're voting on.

So he gets to write alternative B. And, yes, look, there's some negotiated whatever, but it's kind of like –

At the end of the day, the chair says, here's what we're voting on, and you can vote for it or you're going to vote against it, but this is the thing we're voting on, and that's extremely powerful.

And then there are other things that only the chair is allowed to do.

There are some regulatory policy decisions, et cetera, that only the seven governors vote on, and the presidents, we just—

execute on the policies that they decide.

So the chair is extremely powerful.

He's not just one vote.

The thing is, Jay Powell, I don't know, the guy wakes up at four o'clock in the morning or something, they tell me.

So when the thing is done...

On the first day, there'll usually be like a reception.

We'll decompress and have dinner.

Only that happens at 5 o'clock.

We have dinner at 5 o'clock Eastern.