Biden has ruled: Fed Chairman Jerome Powell will continue for another term

by time news

Federal Reserve Chairman Jerome Powell, who has been in office for the past few years, will continue for another term, the second in a row, according to a decision by U.S. President Joe Biden. The candidate to replace him is Lyle Brainard, a member of the Fed’s Board of Governors in recent years.

The Republican Powell, who previously served as an investment banker on Wall Street, was appointed a Fed governor in 2011, and in 2018 was appointed Fed chairman by Trump in place of Democrat Janet Yellen, who served only one term.

The Wall Street Journal reported last week that members of Biden’s economic team and some Democratic lawmakers prefer Powell to continue for another term, while opposition is expected from Democrats, who want to see the chairman as someone committed to strengthening financial regulation and able to deal with the climate crisis.

Earlier this month, the Federal Reserve announced a reduction in its monthly bond purchase plan later this month: Remember, the purchase program began as an operative measure to support the economy at the time of the Corona outbreak. $ 5 billion in mortgage-backed bonds, purchases will be reduced by the same amount in December and further reductions will take place in subsequent months.

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  • 1.

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