Washington, D.C. – President Biden announced that he is renominating Jerome Powell to be the head of the Federal Reserve Board.
This will be Powell’s second term as Fed Chair, having first been put into the position by President Trump. The move signals that Biden is looking for some economic consistency, especially regarding monetary policy.
The White House said in a statement:
America needs steady, independent, and effective leadership at the Federal Reserve so it can advance its dual goals of keeping inflation low and prices stable, as well as creating a strong labor market that broadly benefits workers with better jobs and higher wages. President Biden has full confidence in Powell and Brainard’s experience, judgment, and integrity to continue delivering on those mandates and to help build our economy back better for working families.
White House
The move is not without detractors, though. Elizabeth Warren and the socialist wing of the Democrat party pushed for a change at the position, saying that Powell isn’t hard enough on the banking industry.
Powell also is not well-liked among conservatives either, as many blame him – and the Federal Reserve, in general – for the growing inflation crisis.
The Federal Reserve has a direct impact on the money supply through interest rates. Since its creation, the Federal Reserve has steadily increased the money supply – leading to inflation. That policy has become even more volatile lately, as the Fed has tried to combat the recession from the pandemic.
Powell was seen as a fairly moderate pick when President Trump first nominated him in 2017. He was confirmed by the Senate on a vote of 84-13, with 4 of the 13 being Republicans.
It is likely that Powell will be easily confirmed again for his second term.
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Beats that Marxist candidate for sure
The PROOF! is in the, ACTIONS! That the POTATOE HEAD! SOCK PUPPET TAKES! And so far, on a FAST TRACK! to DESTROY! AMERICA! He can play the BLAME! GAME all he wants! But the DAMAGED! DONE! to America’s pocketbooks on a daily basis? That won’t be forgotten come midterm 2022! “LETS GO BRANDON”
Joe Biden’s nomination of Jerome Powell for a second term was well done! This was a positive movement on Biden’s part and comment him for it!
Better the devil you know? With the crazies F Joe Biden has been picking it may just be that.