{"id":370731,"date":"2021-11-22T17:43:04","date_gmt":"2021-11-22T14:43:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/biden-re-nominates-jerome-powell-as-fed-chair\/"},"modified":"2021-11-22T17:43:04","modified_gmt":"2021-11-22T14:43:04","slug":"biden-re-nominates-jerome-powell-as-fed-chair","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/biden-re-nominates-jerome-powell-as-fed-chair\/","title":{"rendered":"#Biden re-nominates Jerome Powell as Fed chair"},"content":{"rendered":"<p>&#8220;<strong>#Biden re-nominates Jerome Powell as Fed chair<\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/powell-1.jpg?quality=90&amp;strip=all\" \/><\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>President Joe Biden said Monday he will re-nominate Fed Chairman Jerome Powell for a second term as the US gr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>les with scorching inflation, persistent supply-chain snags and COVID-19 cases that are once again on the rise.<\/p>\n<p>Powell, who was picked by former President Donald Trump to lead the Federal Reserve after being appointed as Fed governor under Obama, has been central to the country\u2019s economic response to the pandemic.<\/p>\n<p>Biden appeared sure to re-nominate Powell until a few weeks ago, when lefty politicians like Sen. Elizabeth Warren voiced their opposition. Progressives instead pushed Fed Governor Lael Brainard to get the spot.<\/p>\n<p>Brainard will become vice chair of the board of governors, succeeding Richard Clarida, Biden also announced Monday. The nominations must be confirmed by the Senate.<\/p>\n<p>\u201cChair Powell has provided steady leadership during an unprecedently challenging period, including the biggest economic downturn in modern history and attacks on the independence of the Federal Reserve,\u201d the White House said Monday in a statement.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Powell\u2019s renomination could be seen as a landmark decision for Biden, who has struggled in his first year to guide the country through its economic emergence from the pandemic. White-hot inflation readouts through the summer and fall have hit the White House in polls as everything from gas to food has soared in prices. <\/p>\n<p>Powell and the administration have largely written soaring prices off as a factor of supply-chain issues related to the pandemic, insisting that spiking prices will subside.<\/p>\n<p>Sen. Pat Toomey, a Republican from Pennsylvania, said Monday he supported the re-nomination despite the fact he has \u201cstrongly disagreed with Chairman Powell\u2019s decision to continue the Fed\u2019s emergency accommodative monetary policy\u2014long after the economic emergency had passed.\u201d<\/p>\n<p>Toomey added that \u201cChairman Powell\u2019s recent comments give me confidence that he recognizes the risks of higher and more persistent inflation and is willing to act accordingly to control it. I look forward to supporting his confirmation.\u201d<\/p>\n<p>But other Republicans have repeatedly slammed Biden for not doing enough to provide relief to families struggling to keep up with rising expenses. And Powell has been reluctant to hasten the tapering of the Fed\u2019s massive bond-buying program or to raise interest rates until the country sees more progress in the recovery of the labor market. <\/p>\n<aside class=\"single__inline-module alignleft\">\n    <\/aside>\n<p>Compared with before the pandemic, the country is still missing millions of workers who lost their jobs during the crisis, sparking a nationwide labor shortage that companies say is squeezing profits and holding back business. <\/p>\n<p>Greg McBride, chief financial analyst for Bankrate, said continuity at the Fed will likely help with the ongoing response.<\/p>\n<p>\u201cWith the Federal Reserve at an inflection point of starting to dial back stimulus, continuity at Fed Chair is key. It\u2019s tough to change jockeys in the middle of the race,\u201d he said.<\/p>\n<p>\u201cReappointing Jerome Powell helps alleviate some concerns about politics compromising the independence of the Federal Reserve. By January, the president will still be able to name replacements for three open seats on the Fed Board of Governors, including the influential Vice Chair of Supervision.<\/p>\n<p>\u201cMaking this announcement on Monday morning before U.S. markets open is no coincidence and should alleviate any jitters from uncertainty about the Fed creeping in as we head into the Thanksgiving holiday.\u201d<\/p>\n<p>Stocks rose on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> of the announcement. The Dow Jones Industrial Average was recently up more than 280 points in mid-morning trades and the S&amp;P 500 rose 0.9 percent.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/11\/22\/biden-re-nominates-jerome-powell-as-fed-chair\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Biden re-nominates Jerome Powell as Fed chair&#8221; President Joe Biden said Monday he will re-nominate Fed Chairman Jerome Powell for a second term as the US grapples with scorching inflation, persistent supply-chain snags and COVID-19 cases that are once again on the rise. Powell, who was picked by former President Donald Trump to lead the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":370732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/powell-1.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[119959,70550,78738,991],"class_list":["post-370731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-22-21","tag-federal-reserve","tag-jerome-powell","tag-joe-biden"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=370731"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/370732"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=370731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=370731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=370731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}