President Joe Biden has chosen to re-nominate Fed Chairman Jerome Powell to serve as a senior in the U.S. Central Bank.
in a statement On Monday morning, the White House explained the decision to re-nominate Powell as chairman and runner-up Lael Brainard as deputy. At a time when COVID-19 and inflation are still the government’s main concerns, this move takes into account the continuity of the leadership.
In his own words, Biden said that the pair’s experience and record of “acting decisively” during the pandemic is necessary for the US economy to move in the right direction for recovery.
The president said: “As I said before, we can’t just return to the state before the pandemic, we need to better rebuild our economy.”
“I believe that Chairman Powell and Dr. Brainard’s focus on maintaining low inflation, stabilizing prices, and achieving full employment will make our economy stronger than ever.”
There has been increasing speculation last week about when Biden will announce his candidate for the chairman of the Federal Reserve.When choosing Powell, the president seemed to have listened Moderate In his own party and government allies like the Minister of Finance Janet YellenPrior to Powell, he served as chairman of the Federal Reserve.
Biden chose to re-nominate Powell instead of Brainard as chairman, which is likely to be welcomed by the Senate. When Powell was first nominated by former President Donald Trump, 68 of the original 84 senators who voted for Powell were still in office, which should be enough to overcome the resistance of progressives opposing Powell’s re-nomination.
As the United States continues to fight inflation and other pandemic-related issues, the formal nomination and confirmation process will begin in the coming days.
