Biden nominates Jerome Powell to stay as Fed chair despite progressive opposition

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President Joe Biden announced the nomination of Jerome Powell to continue his term as chairman of the Federal Reserve, a move that was opposed by progressives who fear he will oppose more critical oversight of the US banking system. are doing.

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The White House issued a statement confirming that Mr. Powell’s nomination had been sent to the Senate to serve as Speaker again. The decision comes after weeks of criticism from progressives and a public resolution by Sen. Elizabeth Warren to oppose her nomination.

“I am confident that with Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable and full employment, our economy will be stronger than ever,” Mr Biden said in a statement.

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The move would be opposed by at least a handful of Senate progressives, though whether it would be enough to block the nomination remains a question. Bernie Sanders and four Republicans opposed Mr. Powell’s nomination for the role of president in 2018.

Sen. Elizabeth Warren, one of the party’s most prominent leftists, told Mr Powell on her face at a Senate hearing that she would vote against his nomination.

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“Your record gives me serious concern. Over and over again, you’ve worked to make our banking system less secure, and that makes you a dangerous person to lead the Fed, and that’s why I recommend your nomination.” I will oppose it,” she said.

While defections from the party’s leftist wing would generally ruin a nominee, the White House can expect some Republican support to confirm Mr. Powell’s nomination.

Indeed, by Monday morning many Republicans were already cheering for Mr. Powell’s nomination, reminding many analysts that their support for Mr. Powell was more accurately described as an opposition to Lyle Brainard. Biden was also considering for the role and was instead elected as the agency’s vice president on Monday.

“While I strongly disagree with Chairman Powell’s decision to continue with the Fed’s emergency liberal monetary policy – long after the economic emergency has passed – Chairman Powell’s recent comments have led me to believe that he is considering the risks of higher and more persistent inflation. recognize it and are prepared to act accordingly to contain it. I look forward to supporting their confirmation,” said Sen. Pat Tommy.

“While I have concerns about the regulatory policies that Governor Brainard will endorse as vice chair, I look forward to meeting with him to discuss these and other matters,” Tomé said.

Mr. Powell was originally appointed to the board of the Federal Reserve under former President Barack Obama. He was then promoted four years later to the position of chair under former President Donald Trump.

Monday’s decision came just days after a pair of Democratic senators, sans Jeff Merkle and Sheldon Whitehouse, said they also opposed Mr Powell’s nomination.

“President Biden should appoint a Fed Chair who will ensure that the Fed is fulfilling its mandate to protect our financial system and shares the administration’s view that fighting climate change is the responsibility of every policy maker. That person is not Jerome Powell,” he said.

Granthshala Mr Biden’s opposition to his nomination from his party has been reached for comment from the White House.

Credit: www.independent.co.uk /

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