Biden: Jerome Powell will be chairman of the US Federal Reserve

Posted On: November 24, 2021
Posted By: Willard Sutton
Comments: 0

According to President Joe Biden, Jerome Powell will head the US Federal Reserve, also known as the Federal Reserve (FED). Biden announced Monday. His predecessor, Trump, appointed Powell as head of the US Federal Reserve. Lale Brinard, his biggest contender for the top post, is the new vice president of the FED. ‘A wise choice,’ says PNR home economist Hon de Zhang.

President Joe Biden with Jerome Powell during his appointment as Chairman of the Federal Reserve Board of Directors at the White House in Washington DC.ANPfoto

Jerome Powell, a 68-year-old multi-millionaire, could be the head of the FED until 2026. According to De Jong, it was ‘a sensible choice’. The central bank should be independent, ‘It’s very annoying when Republican leaders start appointing Republicans and Democrats start appointing Democrats. Then the independence of the central bank is in jeopardy, so I think it’s a wise choice, ‘said De Jong.

Under fire

In recent months, Powell has been accused of making suspicious investments by senior central bankers under his leadership. Democrats accuse him of not handling such incidents harshly enough in the financial world.

Competition

In addition, 59-year-old economist Lale Brinard is likely to run for Fed chairman. In early November, he had a job interview with President Biden, which was “well done,” the Wall Street Journal reported. Brinard was eventually appointed vice president.

Willard Sutton

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