Who choose federal researve shareman12/5/2023 ![]() ![]() The Fed in October announced a sweeping ban on top officials owning individual stocks and bonds, as well as other trading restrictions. Two regional bank presidents departed the Fed in the wake of the disclosures. Elizabeth Warren, a leading progressive voice with ties to key economic advisers across the administration, leveled a fierce broadside against Powell in September when she called him a “dangerous man to head up the Fed” given her view of his posture on regulatory matters.ĭisclosures that multiple Fed officials bought and sold stocks at the height of the pandemic – as the Fed was deploying extensive emergency measures to forestall a market collapse – have fueled progressive efforts to push for a change atop the central bank. Leading members of the Democratic Party, which narrowly controls Congress, want the President to replace Powell with current Fed governor Lael Brainard in the belief that she would advance more aggressive regulation of financial institutions. Powell is a Republican-appointed chairman, having been picked by President Donald Trump four years ago. Post-pandemic crosswinds make Biden’s choice of the nation’s most important economic policymaker unusually complex. While job and wage growth have been robust, a combination of pandemic-driven supply chain bottlenecks and a demand-surge for goods have led to price increases that this week reached a three decade high. The decision marks a critical moment for a White House in the midst of managing an economy emerging in fits and starts from a once-in-a-century pandemic. “I’ve given a lot of thought to it, and I’ve been meeting with my economic advisers on what the best choices are, and we’ve got a lot of good choices,” Biden said when asked about the position. Biden has waited longer in making his selection than his two immediate predecessors, leaving a relatively narrow window for the Senate to confirm his choice before Powell’s term expires next February.īiden, during a November 2 news conference, said he planned to make an announcement about his selection “fairly quickly” and said there would be “plenty of time” to move his pick through the confirmation process. President Joe Biden is nearing a decision on his choice for Federal Reserve chair, with observers inside and outside the administration viewing incumbent Jerome Powell as the front-runner for another term.Īn announcement is expected as early as next week. ![]()
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