US President Joe Biden may make a decision soon on appointing the chair of the Federal Reserve, the umbrella of the US central banks. According to the chairman of the Senate Banking Sector Committee, that decision is very close.
Incumbent Federal Reserve Chairman Jerome Powell’s term ends in February and Biden must decide whether to reappoint Powell for a second term. Fed Director Lael Brainard is also seen as a candidate to head the central bank. Biden interviewed Powell and Brainard earlier this month about the situation and economic issues. The president would like to make a decision before Thanksgiving.
Treasury Secretary Janet Yellen has told the White House that Brainard would be a suitable candidate, but she supports Powell’s reappointment. Powell’s reset also faces criticism. Earlier this year, Elizabeth Warren, the Democratic senator from Massachusetts, criticized Powell. According to her, there is a culture of corruption within the US central bank and Powell has failed as chairman of the Federal Reserve. Warren targeted with her attack some of the top executives within the Federal Reserve who traded stocks with inside information.
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