PRESIDENT Joe Biden reappointed Jerome Powell as Chairman of the Federal Reserve on November 22.
The decision comes as the economy is struggling to stay afloat amid rising oil and gas costs.
Who is Jerome Powell?
Republican Jerome Powell was appointed Chairman of the Federal Reserve on November 2, 2017, by former President Donald Trump. He officially took office in February 2018.
Powell is from Washington DC and his resume began at Princeton University, where he received a BA in politics in 1975. He then transferred to Georgetown University for a law degree in 1979.
His ascent through the political ranks began under the former President Mr. George W. Bush as Deputy Secretary of the Treasury and that led to his appointment to the Board of Governors and ultimately to the position he currently holds.
Why did President Joe Biden reappointed Jerome Powell?
On November 22, President Joe Biden officially announced the decision to re-appoint Powell as Chairman of the Federal Reserve.
In a statement, the White House said Biden had “complete confidence” in Powell.
As Biden focused on a recessionary economy with the biggest economic inflation in decades, he said he believed Powell was the best man for the job.
Federal Governor Lael Brainard has been appointed Vice President, pending Senate confirmation.
“Powell and Brainard share the Administration’s focus on ensuring economic growth that broadly benefits all workers,” the White House said.
When the Senate sat down to approve or deny Powell the position of Federal Reserve Chair, Senator Elizabeth Warren said she would directly oppose the appointment.
“It is no secret that I oppose Chairman Jerome Powell’s resignation, and I will vote against him,” Warren said in a statement.
“Powell’s regulatory, climate, and ethical failures make the still-vacant VP of Oversight position critically important.
However, in opposition to Warren, President Biden said, “This position must be filled by a strong governing body with a proven track record of tough and effective enforcement – and it needs to be done quickly.”
“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. .
“Together, they also share my profound belief that urgent action is needed to address the economic risks posed by climate change and to anticipate emerging risks in the system.” our finances”.
What does the Chairman of the Federal Reserve do?
Federal Reserve Chairs are chosen by the president from one of seven Boards of Directors, but they must also be approved by the Senate.
Each term is four years and can be reappointed by the sitting president at the end of that timeframe.
The chairman’s role is to promote maximum employment, moderate long-term interest rates, and stable prices.
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