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Senators put pressure on Biden ahead of Fed leadership decision

Friday, 11/19/2021 4:43 PM by

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WASHINGTON (dpa-AFX) – Before US President Joe Biden’s decision to assume the chief position of the Federal Reserve (Fed), two senators urged a change in staff. Biden should not allow Fed Chairman Jerome Powell a second term, said Democratic Senators Jeff Merkley and Sheldon Whitehouse on Friday. The new leadership must represent the government’s stance that the fight against climate change also belongs to the office. The economic consequences of the climate crisis would become more and more visible and would also affect many players in the financial market.

Biden’s party friends did not speak out in favor of a specific alternative candidate for the top of the Fed. However, many more left-wing Democrats support Central Bank Councilor Lael Brainard. She was nominated in 2014 by the then Democratic President Barack Obama. She has spoken much more openly than Powell about climate change as a challenge for the central bank. Powell was nominated by Republican President Donald Trump. His term of office at the head of the central bank ends in February.

According to the White House, Biden wants to decide on the Fed’s personal details by Thursday next week at the latest. The Senate must approve Biden’s nominations. Influential Democratic Senator Elizabeth Warren has already turned down Powell’s second term. The Democrats have a wafer-thin majority in the chamber. If Biden Powell were to allow a second term in office, he could also count on votes from the Republicans./jbz/DP/ngu

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