Biden to appoint Fed ‘slate’ that could include Powell, Sen. Brown says

Federal Reserve Chairman Jerome Powell testifies during a Senate Committee on Banking, Housing and Urban Affairs hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, US United, September 28, 2021. Kevin Dietsch / Pool via REUTERS

Oct. 26 (Reuters) – US President Joe Biden will likely come up with a “full list” of Federal Reserve nominees, which may or may not include Jerome Powell, Senator Sherrod Brown said on Tuesday in remarks that appeared to signal his openness to the election. re-appointment of Powell as chairman of the Fed.

In an interview with Bloomberg Television, Brown said he spoke with Biden “just the other day” about the “whole package” and that the president “understands that you want to put workers at the center of our economic policy. that includes making the Fed look more like America but also think more of America. “

Brown heads the Senate Banking Committee, which oversees the Fed and must approve Fed candidates before they can be considered for approval by the Senate as a whole.

Powell’s term as Fed chairman expires in February; the seven-member Fed Board also has a vacant seat and one or two more seats that will open in the coming months.

“When the president looks to make up to four appointments – maybe including Powell, maybe not – there will be a lot of emphasis on workers,” Brown said.

Some progressives prefer current Fed governor Lael Brainard to take over as Fed chairman.

Others who support keeping Powell in her current role say she could leave her mark on climate and regulation if she becomes the Fed’s regulatory czar, a niche that opened up earlier this month here after the expiration of Randal Quarles’ mandate.

“This job is really really, really important,” Brown said of the vice president’s oversight role, adding that he had spoken with Biden about “a few” people he would support for the job.

Brown said that while Powell has “done some things that I think are too pro-Wall Street in deregulation, and he’s not committed enough to the climate,” he did “a reasonably good job. on monetary policy “.

Brown’s remarks contrasted sharply with those of Senator Elizabeth Warren, who is also on the banking committee and said she would oppose Powell’s re-appointment, citing what she sees as his poor regulatory record. .

Report by Ann Saphir; Editing by Andrea Ricci

Our Standards: Thomson Reuters Trust Principles.

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