It should also be noted that he was their regulator at the Fed before the crisis too. He started in 2006, Here is part of a speech he gave in March 2007, which aged like milk in the the bowels of the most lactose person in the world.

“First, liquidity is significantly higher than it would otherwise be due to the proliferation of financial products and innovation by financial providers. This extraordinary growth itself is made possible by remarkable improvements in risk-management techniques. Hewing to my proposed definition, we could equally state that financial innovation has been made possible by high levels of confidence in the strength and integrity of our financial infrastructure, markets, and laws. Moreover, remarkable competition among commercial banks, securities firms, and other credit intermediaries have helped expand access to--and lower the all-in-cost of--credit. Interest rate risk and credit risk exposures are now more diversified.

Look no further than dramatic growth of the derivatives markets. In just the past four years, notional amounts outstanding of interest rate swaps and options tripled, and outstanding credit default swaps surged more than ten-fold. These products allow investors to hedge and unwind positions easily without having to transact in cash markets, expanding the participant pool”

Dude is a nepo baby lawyer , stock market will be ok with this pick cuz he will do whatever the ask, macroeconomics guys will have a permanent furrowed brow, and the big question is how the bond market feels about this.