Biden renominates Fed Chair Jerome Powell for second term: 'We need stability and independence'
Following lots of speculation, President Biden has officially renominated Jerome Powell for a second term as chair of the Federal Reserve, CNBC reports.
"Fundamentally, if we want to continue to build on the economic success of this year we need stability and independence at the Federal Reserve," Biden wrote in a Monday morning statement. "I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs." Lail Brainard, the current Fed Governor who was also believed to be in the running for Fed chair, will instead become the vice chair of the board of governors, per CNBC.
Biden also noted he's confident Powell will "focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before."
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.
The confirmation process will now move to the Senate, reports Bloomberg, where things are likely to go smoothly for Powell, a Republican. Senate Banking Committee Chair Sen. Sherrod Brown (D-Ohio) and Ranking Member Sen. Pat Toomey (R-Pa.) on Monday both shared their support for the decision.
The possibility of a Powell second term has thus far garnered push back from progressives, who worry Powell won't be tough enough on bank regulations and climate change, reports The Wall Street Journal. Sen. Elizabeth Warren (D-Mass.), for example, has long said she'd vote against the "dangerous" chair's reappointment.
Pending Senate approval, Powell will begin his next four-year term in February, writes Forbes.
-
‘Those rights don’t exist to protect criminals’Instant Opinion Opinion, comment and editorials of the day
-
Key Bangladesh election returns old guard to powerSpeed Read The Bangladesh Nationalist Party claimed a decisive victory
-
Judge blocks Hegseth from punishing Kelly over videoSpeed Read Defense Secretary Pete Hegseth pushed for the senator to be demoted over a video in which he reminds military officials they should refuse illegal orders
-
Judge blocks Hegseth from punishing Kelly over video
Speed Read Defense Secretary Pete Hegseth pushed for the senator to be demoted over a video in which he reminds military officials they should refuse illegal orders
-
Trump’s EPA kills legal basis for federal climate policySpeed Read The government’s authority to regulate several planet-warming pollutants has been repealed
-
House votes to end Trump’s Canada tariffsSpeed Read Six Republicans joined with Democrats to repeal the president’s tariffs
-
Bondi, Democrats clash over Epstein in hearingSpeed Read Attorney General Pam Bondi ignored survivors of convicted sex offender Jeffrey Epstein and demanded that Democrats apologize to Trump
-
El Paso airspace closure tied to FAA-Pentagon standoffSpeed Read The closure in the Texas border city stemmed from disagreements between the Federal Aviation Administration and Pentagon officials over drone-related tests
-
Judge blocks Trump suit for Michigan voter rollsSpeed Read A Trump-appointed federal judge rejected the administration’s demand for voters’ personal data
-
US to send 200 troops to Nigeria to train armySpeed Read Trump has accused the West African government of failing to protect Christians from terrorist attacks
-
Grand jury rejects charging 6 Democrats for ‘orders’ videoSpeed Read The jury refused to indict Democratic lawmakers for a video in which they urged military members to resist illegal orders
