Biden to keep Jerome Powell as Federal Reserve chairman

This included Senator Elizabeth Warren, who had called Mr Powell a “dangerous man” and suggested that she would not support his re-appoin...

This included Senator Elizabeth Warren, who had called Mr Powell a “dangerous man” and suggested that she would not support his re-appointment for a while. difficult hearing end of September. Mr Biden met Ms Warren on Nov. 9 in the Oval Office to discuss the Fed’s appointments and called her last Thursday, before deciding on a pick, according to a person familiar with the discussions.

Mr Biden called Mr Powell and Ms Brainard on Friday to let them know he had made his choice. The move was influenced in large part by Mr. Biden’s belief that he and Mr. Powell are philosophically aligned when it comes to keeping interest rates low and continuing to support the economy until that more people are working and that wages go up.

On Monday, Biden said he believed the Fed still had work to do to achieve “maximum jobs.”

“It’s an economy where companies have to compete for workers, instead of competing for jobs, where American workers get steady wage increases after decades of stagnation, and where the benefits of economic growth are widely shared by everyone in the country. , not just focused for those at the top, ”he said.

Yet some economists, and many Republicans, say the Fed runs the risk of letting inflation run out of control if it doesn’t start slowing its efforts to fuel economic growth, with workers demanding more and more pay hikes. high to cover rising costs, resulting in 1970s-style inflation.

Mr. Biden was suffer politically as prices rise for food, gasoline and airline tickets. The president has repeatedly tried to reassure Americans that his economic policies will eventually calm inflation, a message he is expected to repeat in his remarks on Tuesday.

But his broader economic agenda has become tangled in the politics of price hikes, especially as the president pushes Senate Democrats to merge around a climate change and social policy bill of 2 $ 200 billion which Biden says will ease inflationary pressures in the years to come, but Republicans warn will immediately raise prices.

Mr Biden said he was certain Mr Powell and Ms Brainard would work to stabilize inflation and keep the economic recovery on track.

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Newsrust - US Top News: Biden to keep Jerome Powell as Federal Reserve chairman
Biden to keep Jerome Powell as Federal Reserve chairman
Newsrust - US Top News
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