Powell faces pressures from left and right if confirmed for a 2nd term
Federal Reserve Chair Jerome Powell, who faced a tense Senate confirmation hearing Tuesday, is in for a "difficult political balancing act" in his second four-year term, Axios reports.
According to Axios, Powell is likely to be confirmed, but that hasn't stopped senators from grilling him. Sen. Sherrod Brown (D-Ohio), who chairs the Senate Banking Committee, exhorted Powell against "cooling off" the economy and thereby "making it harder for people to find jobs and stopping paychecks from growing," CNN Business reported.
Brown also called for the prompt implementation of new, stricter ethics rules that would prevent Fed officials from playing the stock market.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
On the other side of the aisle, GOP Sens. Richard Shelby of Alabama and Pat Toomey of Pennsylvania criticized Powell's handling of the inflation crisis, which he infamously spent months dismissing as "transitory" before walking back the statement in November, Bloomberg reported.
Shelby said Powell "missed the boat on addressing inflation" and that "the Fed has lost a lot of credibility" as a result, while Toomey said the Fed's monetary policy has left it "behind the curve" on inflation. Toomey also expressed concerns about what he called the "troubling politicization of the Fed," but said he will still vote to confirm Powell.
Axios describes Powell — who has served under Presidents Obama, Trump, and Biden — as a "savvy political operator who is skilled at building bridges across partisan lines."
If his confirmation hearing is any indication, Powell will need all that savviness, and possibly more, to navigate the conflicting pressures he'll face in the next four years.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Grayson Quay was the weekend editor at TheWeek.com. His writing has also been published in National Review, the Pittsburgh Post-Gazette, Modern Age, The American Conservative, The Spectator World, and other outlets. Grayson earned his M.A. from Georgetown University in 2019.
-
Magazine solutions - November 29, 2024
Puzzles and Quizzes Issue - November 29, 2024
By The Week US Published
-
Magazine printables - November 29, 2024
Puzzles and Quizzes Issue - November 29, 2024
By The Week US Published
-
What are Trump's plans for public health?
Today's Big Question From abortion access to vaccine mandates
By Devika Rao, The Week US Published
-
GOP's Mace seeks federal anti-trans bathroom ban
Speed Read Rep. Nancy Mace of South Carolina has introduced legislation to ban transgender people from using federal facilities
By Rafi Schwartz, The Week US Published
-
Ukraine fires ATACMS, Russia ups hybrid war
Speed Read Ukraine shot U.S.-provided long-range missiles and Russia threatened retaliation
By Peter Weber, The Week US Published
-
New York DA floats 4-year Trump sentencing freeze
Speed Read President-elect Donald Trump's sentencing is on hold, and his lawyers are pushing to dismiss the case while he's in office
By Rafi Schwartz, The Week US Published
-
Wyoming judge strikes down abortion, pill bans
Speed Read The judge said the laws — one of which was a first-in-the-nation prohibition on the use of medication to end pregnancy — violated the state's constitution
By Peter Weber, The Week US Published
-
US sanctions Israeli West Bank settler group
Speed Read The Biden administration has imposed sanctions on Amana, Israel's largest settlement development organization
By Rafi Schwartz, The Week US Published
-
Gaetz ethics report in limbo as sex allegations emerge
Speed Read A lawyer representing two women alleges that Matt Gaetz paid them for sex, and one witnessed him having sex with minor
By Peter Weber, The Week US Published
-
Biden allows Ukraine to hit deep in Russia
Speed Read The U.S. gave Ukraine the green light to use ATACMS missiles supplied by Washington, a decision influenced by Russia's escalation of the war with North Korean troops
By Peter Weber, The Week US Published
-
Sri Lanka's new Marxist leader wins huge majority
Speed Read The left-leaning coalition of newly elected Sri Lankan President Anura Kumara Dissanayake won 159 of the legislature's 225 seats
By Peter Weber, The Week US Published