“The first being is why is this position filled by an incompetent idiot?”
Powell was nominated to be a member of the Federal Reserve Board of Governors by President Obama in 2012. He was elevated to chairman in 2018 by President Trump. Previously, in the early 1990’s Powell worked at the Department of the Treasury under President George W. Bush. So his financial experience in government has occurred under two Republican and one Democrat administration. He also served for a year as an aide to Republican Senator Schweiker between undergraduate and law school.
As to education he attended Georgetown Preparatory School then went to Princeton University where he earned a BA degree in politics. He earned a law degree at Georgetown University.
Most of his business career was spent as an investment banker in New York.
You would have to ask Donald Trump why Powell was appointed to lead the Federal Reserve.
Trump is terrible at picking subordinates in govt. Obama is purposefully destructive. But none of this cancels Powell’s incompetence. Govt is full of frauds and charlatans. They help each other.