enabled big banks to become more intertwined with venture capital.

Critics say reappointing Mr. Powell amounts to retaining that more hands-off regulatory approach. And some progressive groups suggest that if Mr. Powell stays in place, Mr. Quarles will feel emboldened to stick around: He has hinted that he might stay on as a Fed governor once his leadership term ends.

That would mean four of seven Fed Board officials — a majority — would remain Republican-appointed. Two other governors — Michelle W. Bowman and Christopher J. Waller — were nominated by President Donald J. Trump.

During Mr. Powell’s Senate testimony last week, Ms. Warren said renominating him as chair meant “gambling that, for the next five years, a Republican majority at the Federal Reserve, with a Republican chair who has regularly voted to deregulate Wall Street, won’t drive this economy over a financial cliff again.”

Even without Ms. Warren’s approval, Mr. Powell would most likely draw enough support to clear the Senate Banking Committee, the first step before the full Senate could vote on his nomination, because of his continued backing from the committee’s Republicans. But having a powerful Democratic opponent whose support the administration needs on other legislative priorities is not helpful.

The Fed chair does have some powerful allies in the administration, including Ms. Yellen, the Treasury secretary. But the decision rests with Mr. Biden.

“I know he will talk to many people and consider a wide range of evidence and opinions,” Ms. Yellen said on CNBC on Tuesday.

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Canada Election 2021: Justin Trudeau Projected to Remain Prime Minister

OTTAWA — Prime Minister Justin Trudeau’s political gamble failed to pay off Monday when Canadian voters returned him to office but denied him the expanded bloc of power he was seeking in Parliament.

Election returns late on Monday showed that while he would remain prime minister, it will again be as the head of a minority government, Canadian broadcasters projected.

In August, with his approval ratings high, Mr. Trudeau called a “snap election,” summoning voters to the polls two years before he had to. The goal, he said, was to obtain a strong mandate for his Liberal Party to lead the nation out of the pandemic and into recovery.

But many Canadians suspected that his true ambitions were mere political opportunism, and that he was trying to regain the parliamentary majority the Liberals had until they lost seats in the 2019 election.

Mr. O’Toole, seeking to broaden Conservatives’ appeal, produced a 160-page campaign platform that essentially turned the party’s back on many once-central positions, like opposition to carbon taxes.

Mr. Trudeau broke ethics laws when he and his staff pressured his justice minister, an Indigenous woman, in 2018 to offer a large Canadian engineering firm a deal allowing it to avoid a criminal conviction on corruption charges. Last year a charity with close ties to the Trudeau family was awarded a no-bid contract to administer a Covid-19 financial assistance plan for students. The group withdrew, the program was canceled and Mr. Trudeau was cleared of conflict of interest allegations.

And while Mr. Trudeau champions diversity and racial justice, it came out during the 2019 vote that he had worn blackface or brownface at least three times in the past.

“Every Canadian has met a Justin Trudeau in their lives — privileged, entitled and always looking out for No. 1,” Mr. O’Toole said during the campaign. “He’ll say anything to get elected, regardless of the damage it does to our country.”

Mr. Trudeau returned the criticism, saying Mr. O’Toole’s willingness to ditch Conservative policies and alter his platform mid-campaign showed it was he who would say or promise anything to voters.

While many voters eagerly bumped elbows and posed for selfies with Mr. Trudeau at campaign stops, his campaign was often disturbed by unruly mobs protesting mandatory vaccines and vaccine passports. One event was canceled out of safety concerns, and Mr. Trudeau was pelted with gravel at another.

Mr. Trudeau did have a strong political challenger on the left nationally with Jagmeet Singh of the New Democrats. Mr. Singh, a lawyer and former provincial lawmaker from Ontario, consistently had the highest approval ratings of all the leaders before and during the campaign. But personal popularity was not enough: His party gained three seats but won only a total of 27.

As before the election, the New Democrats are likely to be Mr. Trudeau’s primary source of support in Parliament.

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How Top Accounting Firms Help Their Clients Sidestep Taxes

This year, Mr. Harter returned to PwC.

“I fully complied with Treasury Department conflicts rules by not meeting with PwC representatives” during a two-year “cooling off” period that restricts government officials from meeting with their former employers, Mr. Harter said. Although he was involved in the construction of the offshore tax break and met with corporate lobbyists, Mr. Harter said he did not recall meeting with Ms. Olson or other PwC officials on the topic.

Ms. Olson referred questions to PwC.

The 2017 tax overhaul included a provision that let some people take a 20 percent tax deduction on certain types of business income. But the law — known as Section 199A — largely excluded an undefined category of “brokerage services.” In 2018, lobbyists for several industries, including real estate and insurance, visited the Treasury to try to persuade officials that the broker prohibition should not apply to them.

On Aug. 1, records show, Ms. Ellis met with her former PwC colleague, Mr. Feuerstein, and three other lobbyists for his client, the National Association of Realtors. They wanted real estate brokers to qualify for the 20 percent deduction.

The meeting took place before the first draft of the proposed rules was even made public, which meant that, right off the bat, Ms. Ellis’s former PwC colleague and his client had an inside track.

When the Treasury published its first version of the proposed rules a week later, real estate brokers were eligible. The National Association of Realtors took credit for the victory on its website. (The final rules applied only to brokers of stocks and other securities.)

Ms. Ellis’s meeting with Mr. Feuerstein appeared to violate a federal ethics rule that restricts government officials from meeting with their former private sector colleagues, said Don Fox, the acting director of the Office of Government Ethics during the Obama administration and, before that, a lawyer in Republican and Democratic administrations.

Mr. Fox described the meeting as improper. “It certainly is going to call into question how that regulation was drafted,” he said. “There’s no way to undo the taint that is now going to be attached to that.”

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