{"id":144354,"date":"2021-11-11T02:30:39","date_gmt":"2021-11-11T02:30:39","guid":{"rendered":"https:\/\/precoinnews.com\/?p=144354"},"modified":"2021-11-11T02:30:39","modified_gmt":"2021-11-11T02:30:39","slug":"powell-or-brainard-biden-weighs-his-pick-for-u-s-fed-chair","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/powell-or-brainard-biden-weighs-his-pick-for-u-s-fed-chair\/","title":{"rendered":"Powell or Brainard? Biden weighs his pick for U.S. Fed chair"},"content":{"rendered":"

(Reuters) – President Joe Biden is still weighing whether to keep Jerome Powell as chair of the Federal Reserve for a second term or elevate Fed Governor Lael Brainard to the post, an administration official said on Wednesday.<\/p>

FILE PHOTO: Federal Reserve Chairman Jerome Powell poses for photos with Fed Governor Lael Brainard (L) at the Federal Reserve Bank of Chicago, in Chicago, Illinois, U.S., June 4, 2019. REUTERS\/Ann Saphir\/File Photo<\/figcaption>

The White House is cognizant of pressure from both moderates and progressives within the Democratic Party about the choice. \u201cThere are pressures going both ways for both finalists,\u201d the official said.<\/p>\n

Biden met with both candidates for the job last week, and a decision is expected in the coming weeks.<\/p>\n

Powell, 68, who was appointed chair by former President Donald Trump and whose four-year term ends in early February, is seen as the front-runner.<\/p>\n

He has backing from moderate Democrats as well as Republicans, and a track record of averting a financial crisis and helping to engineer an unexpectedly rapid and strong recovery from the pandemic recession.<\/p>\n

But he has also drawn criticism as supply bottlenecks have driven inflation to a 31-year high even as millions of Americans cannot find jobs, and for a trading scandal on his watch that resulted in the resignation of two Fed presidents and a rewrite of the central bank\u2019s ethics rules.<\/p>\n

Democratic Senator Elizabeth Warren opposes his nomination, and progressives are pushing for Brainard, 59, who was named to the board in 2014 by Democratic President Barack Obama after serving in his administration.<\/p>\n

Brainard is seen as more dovish on monetary policy and as a stronger hand on bank regulation. It is unclear how much support her nomination would muster from Republicans.<\/p>\n

At the online political wagering site PredictIt.org, Powell remains the odds-on favorite, at about 68%. Brainard\u2019s stock trails at 31%.<\/p>\n

Regardless of his choice for the top Fed job, Biden will have a chance to shape the rest of the seven-member board. One seat is currently vacant. Governor Randal Quarles, until recently the Fed\u2019s vice chair of supervision, plans to resign at the end of the year, and Vice Chair Richard Clarida\u2019s term ends in January.<\/p>\n

If Biden passes over Brainard for the Fed chairmanship, he could put her in Quarles\u2019 old job, which she could use to write stricter rules for Wall Street and potentially take a more active approach on climate change, both important priorities for progressives.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – President Joe Biden is still<\/p>\n","protected":false},"author":3,"featured_media":144353,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nPowell or Brainard? Biden weighs his pick for U.S. Fed chair - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/powell-or-brainard-biden-weighs-his-pick-for-u-s-fed-chair\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Powell or Brainard? Biden weighs his pick for U.S. Fed chair - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – President Joe Biden is still\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/powell-or-brainard-biden-weighs-his-pick-for-u-s-fed-chair\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-11T02:30:39+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/11\/Powell-or-Brainard-Biden-weighs-his-pick-for-U.S.-Fed-chair.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/powell-or-brainard-biden-weighs-his-pick-for-u-s-fed-chair\/\",\"url\":\"https:\/\/precoinnews.com\/business\/powell-or-brainard-biden-weighs-his-pick-for-u-s-fed-chair\/\",\"name\":\"Powell or Brainard? 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