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Biden Supports Safe Fed Pick over Nod to Progressives in Face of Inflation Threat

As Federal Reserve Board Chair Jerome Powell listens, President Joe Biden talks.
Alex Wong via Getty Images

WASHINGTON ― President Joe BidenMonday’s Federal Reserve Chair Jerome Powell was cited as the reason for giving Jerome Powell another term. Progressives were not interested in someone who is more aligned with their political views.

“Some will no doubt question why I’m renominating Jay, when he was the choice of a Republican predecessor. Why don’t you pick a Democrat for me? Why am I not picking fresh blood, or taking the Fed in a different direction?” Biden said, explicitly stating his desire to depoliticize the central bank.

“Put directly, at this moment of both enormous potential and enormous uncertainty for our economy, we need stability and independence at the Federal Reserve,” Biden said during brief remarks at an auditorium in the Eisenhower Executive Office Building across a driveway from the West Wing. “I believe Jay is the right person to see us through.”

Numerous progressives include the Massachusetts Sen. Elizabeth WarrenHe had asked Biden to nominate Lael Brainard (current member of the Federal Reserve Board of Governors), who previously served as an undersecretary for Treasury Department in the Barack Obama administration, an economic adviser in Bill Clinton’s White House and has taught at MIT’s Sloan School…




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