Monday, December 6, 2021

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    Biden talks about Fed candidates Powell and Brainard

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    President Joe Biden Set to detail his decision to appoint the chairman of the Federal Reserve Board Jerome Powell This is my second term as a leader and I will promote the federal government. Lael Brainard Vice-chairman of the most powerful central bank in the world.

    The president, who will speak from Washington, Announced his intention to nominate Powell and Brainard After a few weeks of speculation, he reached the Fed’s top position early on Monday. Investors and Capitol Hill staff were wondering if Biden would appoint Democrat Brainard to replace Republican Powell at the end of his first term in February.

    The Federal Reserve is a powerful independent agency of the US Government empowered by Congress to adjust interest rates to stabilize prices and maximize employment. It also regulates the largest banks in the country, including Bank of America, Wells Fargo and Goldman Sachs.

    Some progressive politicians wanted Biden to choose a Fed chief with an emphasis on climate change and banking regulations, but Powell mitigated the economic collapse caused by Covid-19. A pandemic that won politician respect across the political spectrum in 2020 for the Fed’s role to play.

    Brainard is generally Tends to favor stricter bank surveillance And they have often opposed central bank efforts to ease legislation that came into force in the aftermath of the financial crisis.

    The two are considered similar in monetary policy, the Fed’s way of adjusting interest rates and otherwise making cash available in the economy, a way to balance inflation and maximum employment. It is believed that they have a consensus on.

    Both are expected to easily clear the Senate confirmation process.

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    Biden talks about Fed candidates Powell and Brainard

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    The post Biden talks about Fed candidates Powell and Brainard appeared first on Eminetra.

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