{"id":14265,"date":"2021-11-13T16:54:05","date_gmt":"2021-11-13T16:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-president-biden-nears-decision-to-choose-fed-chair-reports-indicate-toss-up-between-powell-and-brainard\/"},"modified":"2021-11-13T16:54:05","modified_gmt":"2021-11-13T16:54:05","slug":"us-president-biden-nears-decision-to-choose-fed-chair-reports-indicate-toss-up-between-powell-and-brainard","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-president-biden-nears-decision-to-choose-fed-chair-reports-indicate-toss-up-between-powell-and-brainard\/","title":{"rendered":"US President Biden Nears Decision to Choose Fed Chair \u2014 Reports Indicate Toss-up Between Powell and Brainard"},"content":{"rendered":"

Following the passing of the Biden administration\u2019s infrastructure bill, the U.S. president appears to be nearing his decision on whether or not he will reappoint Jerome Powell, the current Federal Reserve Board chairperson. According to a few reports Powell may be chosen, but other reports say the Fed\u2019s Board of Governors member, Lael Brainard, could also be a frontrunner for the position.<\/strong><\/p>\n

President Biden to Choose Fed Chair \u2018Fairly Quickly\u2019<\/h2>\n

Amid the rising inflation and supply chain woes, U.S. president Joe Biden is thinking about who will run the Federal Reserve when Jerome Powell\u2019s term ends next February. Media pundits say the timing \u201cis crucial<\/a>,\u201d as the U.S. central bank has been discussing<\/a> tapering back quantitative easing (QE) and adjusting rates upwards. Of course, these have all been just conversations<\/a> so far and the members of the Fed have yet to decide<\/a> on tapering back large asset purchases and hiking the benchmark rate.<\/p>\n

Meanwhile, rising inflation has reared its ugly head<\/a> in the lives of Americans, and purchasing power has been eroding over the last 12 months. This week\u2019s data<\/a> from the consumer price index (CPI) jumped 6.2% from a year ago and stock markets shuddered after the news broke. The latest CPI data even pushed Biden to make a statement about the rising inflation as the U.S. president said the White House would be focused on getting people back to work, \u201cgetting prices down,\u201d and \u201cmaking sure our stores are fully stocked.\u201d<\/p>\n

Now various reports say that Biden is in the midst of choosing a new Federal Reserve Board chairperson or planning to let Jerome Powell keep his post. CNN contributors John Harwood and Phil Mattingly explain<\/a> that \u201c[Jerome] Powell [is] seen as the frontrunner to be Biden\u2019s pick for Federal Reserve chair as he nears a decision.\u201d The CNN report notes that Biden\u2019s decision could happen as early as next week. It is also assumed that Biden will sign the new infrastructure bill on Monday.<\/p>\n

Brainard \u2018More Aligned With Left-Leaning\u2019 Politicians, Financial Services Committee Members Urge Biden to Choose New Lead, Powell Still \u2018Favored\u2019 by \u2018Both Sides\u2019<\/h2>\n

11 days ago, Biden spoke about his decision about the Fed chair position at a news conference and hinted at choosing \u201cfairly quickly.\u201d \u201cI\u2019ve given a lot of thought to it, and I\u2019ve been meeting with my economic advisors on what the best choices are, and we\u2019ve got a lot of good choices,\u201d Biden told reporters. \u201cBut I\u2019m not going to speculate now,\u201d the president added. Despite CNN\u2019s report, other editorials claim that Biden may choose the Fed\u2019s Board of Governors member Lael Brainard. Rob Garver, a contributor to voanews.com, says<\/a> the recent inflation spike may sway Biden\u2019s Fed chair decision.<\/p>\n

Garver highlights that Powell is a Republican and was chosen by former U.S. president Donald Trump. As far as Brainard is concerned, she is a Democrat and is \u201cmore aligned with left-leaning members of her party, such as U.S. senator Elizabeth Warren of Massachusetts,\u201d Garver details. However, Garver further explains that the current Fed chair is \u201cfavored\u201d at the moment. Christopher Russo, a research fellow at George Mason University\u2019s Mercatus Center, told VOA\u2019s Garver: \u201cPowell has built up a great amount of credibility with both sides, both Republicans and Democrats.\u201d Russo further added:<\/p>\n

In the pandemic, the Fed adopted a flexible average inflation target, meaning that they are going to run inflation above target after periods where it ran below target, and Powell has done a lot of work to explain the importance of that policy to skeptics in Congress.<\/p>\n

The reports concerning Biden choosing a new Fed chairperson soon follow the mid-September \u201csources with ties to Washington<\/a>,\u201d saying that Biden will renominate Jerome Powell. However, three politicians from the House Financial Services Committee have been urging Biden<\/a> to choose a new Fed chair who will address social justice and climate change. U.S. Democratic representatives Alexandria Ocasio-Cortez (AOC), Rashida Tlaib, and Ayanna Pressley stressed on August 30:<\/p>\n

Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system.<\/p>\n

The recently passed<\/a> 1,600-page \u2018Build Back Better\u2019 infrastructure bill allocates<\/a> around $550 billion toward fighting the alleged climate crisis in the United States. Despite the massive amounts of quantitative easing (QE)<\/a> tactics and a benchmark rate suppressed at zero, Jerome Powell\u2019s efforts since being appointed by former president Trump may not be good enough for members of the Democratic party.<\/p>\n

What do you think about Joe Biden possibly choosing a new Federal Reserve Board chairperson next week after signing the new infrastructure bill? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nEconomics, Alexandria Ocasio-Cortez (AOC), Ayanna Pressley, Biden Administration, Biden fed chair, Build Back Better, Chairperson, Christopher Russo, Democrat, economics, Elizabeth Warren, Fed Chair, fed chair pick, Federal Reserve, infrastructure bill, jerome powell, Joe Biden, John Harwood, Lael Brainard, Phil Mattingly, Rashida Tlaib, Republican, Rob Garver<\/p>\n","protected":false},"excerpt":{"rendered":"

Following the passing of the Biden administration\u2019s infrastructure bill, the U.S. president appears to be nearing his decision on whether or not he will reappoint Jerome Powell, the current Federal Reserve Board chairperson. According to a few reports Powell may be chosen, but other reports say the Fed\u2019s Board of Governors member, Lael Brainard, could…<\/p>\n","protected":false},"author":0,"featured_media":14266,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14265"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14265"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14266"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}