Biden Goes With Safe Fed Pick Over Nod To Progressives In Face Of Inflation Threat
3 years, 1 month ago

Biden Goes With Safe Fed Pick Over Nod To Progressives In Face Of Inflation Threat

Huff Post  

President Joe Biden speaks as Federal Reserve Board Chair Jerome Powell listens during an announcement that Biden is nominating Powell to a second term. Alex Wong via Getty Images WASHINGTON ― President Joe Biden on Monday cited the need for stability and bipartisan appeal amid persisting inflation and a not-yet-vanquished pandemic as reasons for giving Federal Reserve Chair Jerome Powell a second term, rejecting calls from progressives for someone more in line with their politics. “I believe Jay is the right person to see us through.” Many progressives, including Massachusetts Sen. Elizabeth Warren, had wanted Biden to choose current Federal Reserve Board of Governors member Lael Brainard, who was previously a Treasury Department undersecretary in the Barack Obama administration, an economic adviser in Bill Clinton’s White House and has taught at MIT’s Sloan School of Management. Biden also cited Powell’s willingness to adhere to a policy prioritizing maximum employment, despite repeated attacks by former President Donald Trump who wanted him to maximize stock market levels and keep interest rates near zero.

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History of this topic

If Trump tries to fire Powell, Fed Chair is ready for a legal fight
1 month, 2 weeks ago

If Trump tries to fire Powell, Fed Chair is ready for a legal fight

Live Mint  

When a frustrated Donald Trump flirted with removing Federal Reserve Chair Jerome Powell in a dispute over interest rates back in 2018, Fed leaders privately readied a break-glass-in-case-of-emergency response: a legal challenge against the president to protect the integrity of America’s central bank. Second, trying to remove the Fed chair now, when the central bank hasn’t finished waging its battle …

Federal Reserve Chair Jerome Powell reveals whether he will resign if Donald Trump asks
Top News
1 month, 2 weeks ago

Federal Reserve Chair Jerome Powell reveals whether he will resign if Donald Trump asks

Hindustan Times  

“No”, replied Federal Reserve Chairman Jerome Powell when asked if President-elect Donald Trump would ask him to step down. Jerome Powell sees himself as a public servant, but he seems to be preparing for a possible confrontation with Trump, who recently stated that he would not have direct control over Fed decisions, but he should at least be allowed to …

Donald Trump has a surprising update on the future of Fed boss Jerome Powell
Trending News
1 month, 2 weeks ago

Donald Trump has a surprising update on the future of Fed boss Jerome Powell

Daily Mail  

Donald Trump is expected to let Federal Reserve chairman Jerome Powell to stay in his job, Trump has often voiced his frustrations with Jerome Powell and even threatened to remove him from his role as fed chair - an unprecedented move for any president. Anything that causes inflation to jump again could lead Fed policymakers to slow or even halt …

Jay Powell Is Good At Politics. Just Don’t Call Him Political.
9 months, 2 weeks ago

Jay Powell Is Good At Politics. Just Don’t Call Him Political.

Politico  

That poor guy has been through a lot since the Senate confirmed him in early 2018, and his endurance in the role offers a lesson in the politics of the American economy. “I was praising him for the soft landing, the incredible numbers that the economy has right now,” Beyer said, but added that Powell had resisted a mission-accomplished moment: …

Trump says he would replace ‘political’ US Fed chair Powell if elected
10 months, 2 weeks ago

Trump says he would replace ‘political’ US Fed chair Powell if elected

Hindustan Times  

Former US president and 2024 White House contender Donald Trump said he would look to replace the "political" chair of the Federal Reserve, Jerome Powell, when his term ends in 2026. Republican presidential candidate and former President Donald Trump In an interview published Friday, Trump accused Powell, who he as president first appointed to run the independent US central bank, …

Biden taps Philip Jefferson to be Fed’s vice chair, Adriana Kugler as first Hispanic on Fed board
1 year, 7 months ago

Biden taps Philip Jefferson to be Fed’s vice chair, Adriana Kugler as first Hispanic on Fed board

Associated Press  

WASHINGTON — President Joe Biden has nominated Philip Jefferson, a member of the Federal Reserve’s Board of Governors, to serve as vice chair of the board, the White House announced Friday. Biden has also chosen Adriana Kugler, a Georgetown University economist, to join the Fed’s board. Jefferson, 61, who first joined the Fed’s board just a year ago, would become …

Jerome Powell could face more opposition as Fed choices get tougher
1 year, 7 months ago

Jerome Powell could face more opposition as Fed choices get tougher

Live Mint  

Chair Jerome Powell has achieved a near-perfect consensus as the Federal Reserve raised interest rates aggressively. “We are getting close to the hardest mile for the Fed in this marathon — the part where backlash to rate hikes will intensify, in ways no one on the Fed has had to weather.” Fed officials have signaled that the FOMC will hike …

Biden plots inflation fight with Fed chair as nation worries
2 years, 6 months ago

Biden plots inflation fight with Fed chair as nation worries

Associated Press  

WASHINGTON — Focused on relentlessly rising prices, President Joe Biden plotted inflation-fighting strategy Tuesday with the chairman of the Federal Reserve, with the fate of the economy and his own political prospects increasingly dependent on the actions of the government’s central bank. I agree with their assessment that fighting inflation is our top economic challenge right now.” In contrast, President …

Biden to meet Fed chair as inflation bites pocketbooks
2 years, 6 months ago

Biden to meet Fed chair as inflation bites pocketbooks

Associated Press  

WASHINGTON — President Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks. The White House said the pair would discuss the state of the U.S. and global economy and especially inflation, described as Biden’s “top economic priority.” The goal, the White House said, is a “transition from an …

Biden chooses 3 for Fed board, including first Black woman
2 years, 11 months ago

Biden chooses 3 for Fed board, including first Black woman

The Independent  

Get Nadine White's Race Report newsletter for a fresh perspective on the week's news Get our free newsletter from The Independent's Race Correspondent Get our free newsletter from The Independent's Race Correspondent SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy President Joe Biden will nominate three people for …

Biden nominates 3 for Fed board, including first Black woman
2 years, 11 months ago

Biden nominates 3 for Fed board, including first Black woman

Associated Press  

WASHINGTON — President Joe Biden on Friday announced the nominations of three people for the Federal Reserve’s Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the Fed’s board. Raskin’s nomination to the position of Fed vice chair …

Jerome Powell endorsed for second term as U.S. Federal Reserve chair
3 years, 1 month ago

Jerome Powell endorsed for second term as U.S. Federal Reserve chair

The Hindu  

U.S. President Joe Biden on November 22 announced that he was nominating Jerome Powell for a second four-year term as Federal Reserve chair. "I'm confident that Chair Powell and Dr. Brainard's focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before," Biden said. Progressive Democratic Senator Elizabeth Warren of Massachusetts on …

Biden to keep Powell as Fed chair, Brainard gets vice chair
3 years, 1 month ago

Biden to keep Powell as Fed chair, Brainard gets vice chair

Associated Press  

WASHINGTON — President Joe Biden said Monday he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed’s ultra-low rate policies helped bolster confidence and revitalize the job market. Biden also said he would nominate as vice chair Lael Brainard, the lone …

Biden reappoints Jerome Powell as Fed chairman at a critical time for the economy
3 years, 1 month ago

Biden reappoints Jerome Powell as Fed chairman at a critical time for the economy

NPR  

Biden reappoints Jerome Powell as Fed chairman at a critical time for the economy Enlarge this image toggle caption Kevin Dietsch/Getty Images Kevin Dietsch/Getty Images President Biden has chosen to keep Jerome Powell in place for a second term as Federal Reserve chairman — a move that signals continuity with the central bank's policies at a time when the economy …

Biden taps Powell for second term as Federal Reserve chief
3 years, 1 month ago

Biden taps Powell for second term as Federal Reserve chief

Al Jazeera  

Federal Reserve Chairman Jerome Powell is set to remain the steward of the United States economy after President Joe Biden on Monday nominated him for a second, four-year term. “In the last administration, he stood up to unprecedented political interference and in doing so successfully maintained the integrity and credibility of this institution,” said Biden.”It’s just one of the many …

Pressure on Fed’s Powell is rising as inflation worsens
3 years, 1 month ago

Pressure on Fed’s Powell is rising as inflation worsens

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell surely expected to have some breathing room after taking the first step this month to dial back the Fed’s emergency aid for the economy. Some Fed officials, though, want to take a more patient approach, allowing the taper to continue through June and then taking time to assess whether rate further rate hikes …

Fed Chairman Jerome Powell warns inflation could last months longer than expected
3 years, 2 months ago

Fed Chairman Jerome Powell warns inflation could last months longer than expected

Daily Mail  

Federal Reserve Chair Jerome Powell says inflation is likely to remain high in the coming months, spelling more bad news for President Biden. Federal Reserve Chair Jerome Powell says inflation is likely to remain high in the coming months, spelling more bad news for President Biden The remarks caused the Dow to drop more than 600 points, before it recovered …

Fed chair race spotlights Powell-Brainard Wall Street rule split
3 years, 3 months ago

Fed chair race spotlights Powell-Brainard Wall Street rule split

Live Mint  

President Joe Biden’s choice of who will lead the Federal Reserve may come down to a debate about regulating Wall Street. Biden’s advisers are considering recommending Powell for chair and Brainard as vice chair of supervision, the agency’s top regulatory role, people familiar with the matter told Bloomberg last week. These are some of the key differences between Powell and …

Progressives led by AOC call for Biden to replace Fed Chair Powell
3 years, 3 months ago

Progressives led by AOC call for Biden to replace Fed Chair Powell

CNN  

New York CNN Business — Progressive Democrats, including New York Rep. Alexandria Ocasio-Cortez, are calling on President Joe Biden to give the Federal Reserve a sweeping makeover by replacing Jerome Powell as chairman. “We urge President Biden to reimagine a Federal Reserve focused on eliminating climate risk and advancing racial and economic justice,” the lawmakers said in a statement Tuesday …

Will Joe Biden stick with Jerome Powell at the Fed?
3 years, 7 months ago

Will Joe Biden stick with Jerome Powell at the Fed?

CNN  

New York CNN Business — President Joe Biden has a lot on his plate right now. And there’s precedent for Biden to stick with Powell so he can continue to manage the central bank’s response to this economic crisis: After all, Biden’s former boss, President Barack Obama, did exactly that when he re-nominated Ben Bernanke for a second term as …

Janet Yellen wins Senate approval as treasury secretary
3 years, 10 months ago

Janet Yellen wins Senate approval as treasury secretary

Associated Press  

WASHINGTON — The Senate on Monday approved President Joe Biden’s nomination of Janet Yellen to be the nation’s 78th treasury secretary, making her the first woman to hold the job in the department’s 232-year history. At her confirmation hearing before the Finance Committee last week, Yellen had argued that without prompt action the nation faced the threat of a “longer, …

Biden taps Yellen for Treasury, announces other members of economic team
4 years ago

Biden taps Yellen for Treasury, announces other members of economic team

Live Mint  

President-elect Joe Biden unveiled his picks for several top economic positions on Monday, including former Federal Reserve Chair Janet Yellen as his nominee for Treasury Secretary, setting the stage for a more diverse White House. In contrast to Trump, who largely picked white men for key positions, Biden's early appointments were shaping up to be highly diverse, including an all-women …

A Treasury under Janet Yellen may spell an era of Fed control
4 years, 1 month ago

A Treasury under Janet Yellen may spell an era of Fed control

Live Mint  

Janet Yellen is poised to become the most economically powerful woman in the world. Yellen’s previous experience also suggests that the Biden administration wants a Treasury that works hand in glove with the Fed to bring the US economy back to where it was before the coronavirus pandemic. During Powell’s first year as Fed chair, he directly followed in Yellen’s …

Biden picks ex Fed Chair Janet Yellen to lead US Treasury: Source
4 years, 1 month ago

Biden picks ex Fed Chair Janet Yellen to lead US Treasury: Source

Al Jazeera  

US President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen to serve as Treasury secretary, sources tell AP, placing her in a crucial role at a perilous moment in the nation’s economic recovery. United States President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen to serve as Treasury secretary, a pivotal role in which she would …

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