After overseeing the largest monetary expansion in U.S. history, Biden re-nominates Powell to lead the Fed – Economics Bitcoin News
US President Joe Biden revealed on Monday that he intends to re-nominate Jerome Powell as chairman of the Federal Reserve. The news that Powell will be re-elected as central bank governor came out, and major stock indexes and stocks rose.
Biden chooses to renominate Federal Reserve Chairman Jerome Powell
On Monday, US President Joe Biden disclose He chose Jerome Powell (Jerome Powell) to re-elect the chairman of the Federal Reserve. Powell will serve as chairman for the second term, and Lyle Brainard will serve as vice chairman of the Federal Reserve. Powell’s renomination came after uncertainty surrounding who will take his place.
At the end of August, the three Democratic representatives Alexander Ocasio-Cortez (AOC), Rashida Tlaib and Aiana Presley Urge Biden Choose a chairman to solve social changes and the so-called climate crisis.However, a source linked to Washington two weeks later Tell the media Biden will re-nominate Powell.
Jerome Powell was re-elected! Stokes landed on the moon! ???
— Dr. Parik Patel, BA, CFA, ACCA Esq. ? (@ParikPatelCFA) November 22, 2021
Last week, the headlines further elaborated on President Biden Close to his decision Lael Brainard is considered the first choice.After Biden chose to re-nominate Powell for re-election, U.S. Treasury Secretary Janet Yellen Said This decision will enable the U.S. economy to “continue to benefit from his management.”
“The United States needs the Federal Reserve’s stable, independent and effective leadership so that it can advance its dual goals of maintaining low inflation and stable prices, as well as creating a strong labor market so that workers can get better jobs and higher wages. “White House explain In the statement on Powell’s re-nomination. The White House added:
President Biden is full of confidence in the experience, judgment and integrity of Powell and Brainard. They will continue to fulfill these missions and help working families rebuild our economy better.
Peter Schiff: “Brainard is the vice chairman, and inflation will definitely get worse”
Biden and most American politicians have been looking for ways to fund their goals, and choosing Powell again may keep the flow of funds strong.
Suddenly: Biden will once again nominate Fed Chairman Jerome Powell for re-election.
Oh oh oh oh
-Morning Brew ?? (@MorningBrew) November 22, 2021
Economist and gold prospector Peter Schiff explained that this is likely to be the case. “As expected, Biden nominated Powell as chairman of the Federal Reserve,” Schiff TweetThe economist continued:
although [him doing] Poor work. Facing the highest inflation in 30 years, maintaining QE and ZIRP proves this. Powell is a politically safe choice. With Brainard as vice chairman, inflation will definitely get worse.
It was also emphasized that Jerome Powell oversaw the expansion of the US money supply more than at any time in US history.There is no doubt that we are living in an interesting era, Jerome Powell (Jerome Powell) saw a 40% increase in the money supply within a few months, and in the time required to deliver domino pizzas will be 5 trillion The fact that the U.S. dollar is included in the Fed’s balance sheet is a “hawkish” choice,” a man called “Quoth the Raven” wrote.
What do you think of Joe Biden’s choice of Jerome Powell for the second term of the U.S. Central Bank? Please tell us your thoughts on this topic in the comments section below.
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