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.
Create an account with the same email registered to your subscription to unlock access.
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.
-
Trump, billions richer, is selling Bibles
Speed Read The former president is hawking a $60 "God Bless the USA Bible"
By Peter Weber, The Week US Published
-
Trump gets $289M break, first criminal trial date
Speed Read The former president's fraud bond has been reduced to $175 million from $464 million
By Peter Weber, The Week US Published
-
US-Israel rift widens after UN cease-fire resolution
Speed Read The U.S. declined to veto a U.N. resolution calling for a two-week "immediate cease-fire" in Gaza
By Peter Weber, The Week US Published
-
New Jersey first lady exits race to replace Menendez
Speed Read Tammy Murphy dropping out paves the way for Rep. Andy Kim to become the state's next senator
By Peter Weber, The Week US Published
-
Russia blames Ukraine for deadly ISIS Moscow attack
Speed Read Putin has ignored the Islamic State's claim of responsibility for the concert hall shooting
By Peter Weber, The Week US Published
-
'A "conservative voice" does not spread misinformation for political advantage'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Trump-RNC pact puts Trump legal bills ahead of GOP
Speed Read The former president has struck a deal with the Republican National Committee to put donations toward his legal bills
By Peter Weber, The Week US Published
-
Vietnam president resigns amid scandal
Speed Read Vietnam loses its second president in two years as Vo Van Thuong steps down
By Peter Weber, The Week US Published