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Powell or Brenard?Biden weighs his choices for the chair of the Federal Reserve Board

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President Joe Biden is still considering whether to keep Jerome Powell chairing the Federal Reserve for two terms or to promote Federal Reserve Lael Brainard to the post, officials said. Said on Wednesday.

The White House recognizes pressure on choices from both moderates and progressives within the Democratic Party. “Both finalists are under two-way pressure,” officials said.

Biden met with both candidates for work last week, and decisions are expected in the coming weeks.

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Powell, 68, appointed by former President Donald Trump as chairman and ending his four-year term in early February, is considered a strong candidate.

With support from moderate Democrats and Republicans, he has a proven track record of helping to avoid the financial crisis and design an unexpectedly quick and powerful recovery from a pandemic recession.

But even though millions of Americans couldn’t find a job, supply bottlenecks pushed inflation to a 31-year high, and his watch trade scandal prepared the two Federal Reserves. He also garnered criticism for the resignation of the Fed and the rewriting of the central bank. Banking Code of Ethics.

Democratic Senator Elizabeth Warren opposed his nomination, and progressives named Brainard (59), who was appointed to the board by Democratic President Barack Obama in 2014 after serving his administration. I’m looking for.

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Brainard is more dovish in monetary policy and is seen as a stronger move against banking regulation. It’s unclear how much support her nomination will get from the Republicans.

On the online political betting site PredictIt.org, Powell remains an odds-on favorite, at around 68%. Brainard’s share price remains at 31%.

Whether he chose to work for the top of the federal government, Biden has the opportunity to form a board of directors for the remaining seven. Currently, one seat is vacant. Until recently, Governor Randal Quarles will resign as Vice-Chairman of the Federal Reserve Board at the end of the year, and Vice-Chairman Richard Clarida’s term will end in January.

If Biden passes Brainard to chair the Federal Reserve Board, he could get her into an old Quores job. (Report by Jeff Mason, Written by Ann Saphir, Edited by Peter Cooney)

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Powell or Brenard?Biden weighs his choices for the chair of the Federal Reserve Board

https://financialpost.com/pmn/business-pmn/powell-or-brainard-biden-weighs-his-pick-for-u-s-fed-chair Powell or Brenard?Biden weighs his choices for the chair of the Federal Reserve Board

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