Biden sparks fury from left by re-appointing Trump nominee to key position

President Joe Biden on Monday said he will re-appoint Federal Reserve Chairman Jerome Powell to his post when Powell’s current term ends in 2022.

Powell is expected to easily win confirmation, according to Politico.

Lael Brainard, now governor on the Federal Reserve board, was nominated to serve as vice chairman. New York Times Her signature was the choice of many progressives to replace Powell, who had opposed leftists in the Democratic Party.

“I am confident that Chairman Powell and Dr. Brainard’s focus on keeping inflation low, prices stable, and providing full employment will make our economy stronger than ever,” Biden said. say in one declare.

America needs stable, independent, and effective leadership at the Federal Reserve. That is why I will nominate Jerome Powell for a second term as Chairman of the Board of Governors of the Federal Reserve System and Dr. Lael Brainard as Vice Chairman of the Board of Governors.

– President Biden (@POTUS) November 22, 2021

Sen Democracy. Elizabeth Warren in Massachusetts called Powell “a dangerous man at the head of the Fed”, according to New York Times.

I’m glad Jerome Powell has kept interest rates low throughout his tenure, yet his record on regulation, mergers, ethics and climate mitigation is dismal. We need new leadership at the Fed. Me and Elizabeth Warren. Let’s kill this nomination. pic.twitter.com/4ckinuqHvB

– Jesse “Upzone Broward County” Rubens🗽 (@jesserubens) November 22, 2021

Set up a war with Elizabeth Warren https://t.co/jHyuUKHnVl

– Manu Raju (@mkraju) November 22, 2021

But one expert says Biden was right to stay with Powell.

“This was the right decision,” said former Dallas Fed President Richard Fisher CNN. “While Lael Brainard is a most capable economist, her appointment under pressure from radical senators like Elizabeth Warren sends a signal that the Fed has been openly politicized. , to the detriment of its independent reputation.”

Powell was nominated to the Fed’s Board of Governors by former President Barack Obama and became chairman under former President Donald Trump, succeeding Janet Yellen, who is now treasury secretary.

Chairman of the Senate Banking Committee @SherrodBrown (D) and Ratings Member Pat Toomey (R) quickly released statements endorsing Jerome Powell’s resignation as Fed Chair.

– Sahil Kapur (@sahilkapur) November 22, 2021

Although the nomination generates bipartisan support, in a declare Last week, Democratic Sentiments Sheldon Whitehouse of Rhode Island and Jeff Merkley of Oregon said Powell was the wrong choice.

“Jerome Powell refuses to recognize climate change as an urgent and systemic economic threat. During his tenure, Chairman Powell first ignored climate change and then opposed calls for the Fed to use its tools to combat it, arguing that climate change ‘is really a The matter is assigned to many other government agencies, not the Fed so much. ‘ At a hearing earlier this year, he said: ‘We are not and we are not seeking to be climate policymakers.’ “

“Climate is not a long-term challenge for the Fed; They demand action now,” they said. “President Biden must appoint a Fed Chair who will ensure the Fed fulfills its mandate to protect our financial system and shares the Administration’s view that fighting climate change is everyone’s responsibility. Policymakers. That person is not Jerome Powell.”

NEW from @EvergreenAction: After his entire tenure as Fed Chairman, Jerome Powell has many ways to address the threat that climate change poses to our financial system. The Fed has a duty to protect our economy from climate risks, and Mr. Powell has no time to waste. pic.twitter.com/kbGcyDzqVk

– Jamal Raad🌲 (@jamalraad) November 22, 2021

For months, Powell said that inflationary that has shaken America will be temporary, in line with the views of the White House in Biden, but has recently suggested that it will remain a major economic problem through 2022.