President Joe Biden on Monday renominated Jerome Powell as Federal Reserve chairman, ending months of speculation over who would run the central bank for the next four years, the White House announced in a statement.
In her remarks Monday, Brainard said she is committed to "getting inflation down at a time when people are focused on their jobs and how far their paychecks will go."
As head of the central bank of the world’s largest economy and de facto reserve currency, it is arguably the highest profile role, with high stakes, in the realm of economic policy. Despite this left-wing opposition from both chambers of Congress, no one suggested the name of someone to replace Powell if Biden chose not to renominate him.recently resigned as governorThe assumption among monetary policy wonks is that the unspoken preference of progressives was Brainard, who would most likely take a more aggressive approach to bank oversight and regulation.
“Over the last two years, the American economy has endured one of the most challenging episodes in our nation’s history," Yellen continued in her statement. "The global and domestic economies were brought to a standstill and millions of American families were at risk of permanent scarring. Today, our economy has rebounded with strong job creation, low unemployment, and economic growth that has outpaced our global competitors.
“If the people who are at the margins of the economy are doing well, then the rest of it will take care of itself,” Powell said in a "60 Minutes" interview onin the spring. In congressional testimony, this stance has drawn approval from Democratic lawmakers and challenges from Republicans.
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