US President Joe Biden has nominated Federal Reserve Chairman Jerome Powell for a further four years. His rival, Lyle Brainard, was promoted to vice president.
Biden argues that Powell and Brinard should focus on lower inflation, stable prices and maximum employment. “Like me, they believe urgent action is needed to address the economic risks of climate change,” the president said.
Powell, 68, has been chairman of the Federal Reserve for the past four years. Brinard, 59, was a member of the board of directors. Ideally, he is very close to the line that Powell follows, so the audience does not count a significant gap at first.
Powell holds the Republican logo. Many see Powell’s election as an attempt to build goodwill among the opposition, hoping to make his reforms easier to implement. It also shows that in the current market conditions Biden mainly wants to choose continuity.
The appointment is not yet complete with the appointment. Congress has not yet considered appointing the chairman of the central bank. But viewers expect little resistance.
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