To reappoint US Federal Reserve Chair Jerome Powell, President Joe Biden had to resist strong pressure from the left wing of his party for a shakeup. By choosing continuity, Biden accomplished several things at once.
CAMBRIDGE – Give US President Joe Biden, a Democrat, credit for reappointing Jerome Powell, a Republican, to a second four-year term as chair of the United States Federal Reserve. In doing so, Biden passed up a very strong alternative in Lael Brainard, the candidate much preferred by progressives, and who in the abstract would also have been an excellent choice. Firmly resisting strong pressure from the left wing of the Democratic Party, Biden accomplished several things at once.
CAMBRIDGE – Give US President Joe Biden, a Democrat, credit for reappointing Jerome Powell, a Republican, to a second four-year term as chair of the United States Federal Reserve. In doing so, Biden passed up a very strong alternative in Lael Brainard, the candidate much preferred by progressives, and who in the abstract would also have been an excellent choice. Firmly resisting strong pressure from the left wing of the Democratic Party, Biden accomplished several things at once.