Biden Set to Tap Fed Chair Jerome Powell for Second TermJohn Carney 22 Nov 2021
Jerome Powell will get the nod for a second term heading the Federal Reserve, according to the White House.
“Today, President Biden announced his intent to nominate Jerome Powell for a second term as Chair of the Board of Governors of the Federal Reserve System,” the White House said in a statement released Monday.
President Biden had been under pressure from the leftwing of his party to bring in a new Fed chair. Senator Elizabeth Warren (D-MA) said she opposed Powell getting a second term on the grounds that she believes he is too lax when it comes to banking regulation. Others have centered their criticism of Powell around the issue of climate change, demanding the Fed use its bank supervision authorities to cajole companies out of fossil fuel use, for example.
In recent months, Fed governor Lael Brainard emerged as a top contender for the job. Sen. Warren, for example, praised her work on banking regulation at the Fed. On Monday, the White House said Biden would name her Vice-Chair of the Fed’s Board of Governors, the central bank’s second highest ranking position.
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https://www.breitbart.com/economy/2021/11/22/powell-renominated/
