Joe Biden, the U.S. President, announced Monday that he intends to nominate Jerome Powell again as Federal Reserve Chairperson. Stocks and major indices gained after the announcement that Powell would be re-nominated as head of the Federal Reserve.
Biden Nominates Fed Chair Jerome Powell
Joe Biden, the president of the United States, announced that Jerome Powell was selected to be his successor at U.S. Federal Reserve. Powell will serve as the chairperson during his second term, while Lael Brainard will serve as the Fed’s vice chair. Powell’s renomination follows the uncertainty surrounding who would take his seat.
Three Democrat representatives, Alexandria Ocasio Cortez (AOC), Rashida Talib and AyannaPressley, had urged Biden not to nominate a chairperson who would deal with social change and the climate crisis. Two weeks later, sources close to Washington informed the media that Powell would be renominated by Biden.
Jerome Powell chosen for second term Stonks on the moon 🚀🖨️
— Dr. Parik Patel, BA, CFA, ACCA Esq. 💸 (@ParikPatelCFA) November 22, 2021
The headlines last week revealed that President Biden was close to making his decision. Lael Brainard was also mentioned as an important pick. Following Biden’s choice to renominate Powell for a second term, U.S. Treasury secretary Janet Yellen said that the decision would allow America’s economy to “continue to benefit from his stewardship.”
“America needs steady, independent, and effective leadership at the Federal Reserve so it can advance its dual goals of keeping inflation low and prices stable, as well as creating a strong labor market that broadly benefits workers with better jobs and higher wages,” the White House explained in a statement concerning Powell’s renomination. White House also added:
President Biden has full confidence in Powell and Brainard’s experience, judgment, and integrity to continue delivering on those mandates and to help build our economy back better for working families.
Peter Schiff: ‘With Brainard as Vice-Chair, Inflation Is Assured to Get Worse’
Biden and the majority of U.S. lawmakers are constantly on the lookout for funding ways. The selection of Powell will most likely ensure the continued flow of funds.
BREAKING: Biden will renominate Fed Chair Jerome Powell to serve a second term.
Brrrrrrrrrrrrrrr.
— Morning Brew ☕️ (@MorningBrew) November 22, 2021
Peter Schiff, an economist and goldbug, stated that this was likely. “As expected Biden renominated Powell as Fed chair,” Schiff tweeted. The economist went on:
However [him doing]Powell, despite having the lowest inflation rate in thirty years and maintaining QE, ZIRP, was the most politically secure choice. Inflation is certain to worsen with Brainard serving as vice-chair.
People also highlighted that Jerome Powell oversaw the U.S. monetary supply expand more so than ever before in America’s history. No doubt we live in interesting times when Jerome Powell, the man who saw a 40% expansion in the money supply in months and tacked $5 trillion onto the Fed’s balance sheet in the time it takes to get a Domino’s Pizza delivered, is the ‘hawkish’ choice,” an individual dubbed “Quoth the Raven” wrote.
Do you agree with Joe Biden’s choice of Jerome Powell as the U.S. central banks chief for a second term? Please comment below on your views.
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