President Biden may choose as many as three of the Fed’s seven governors even if Jerome Powell stays as chair. New picks are likely to exceed his expansive view of the Fed’s role but its tools to tackle issues like inequality are limited, GinaChon says.
U.S. Federal Reserve Chair Jerome Powell is testifying in Congress on July 14 and 15 as part of the central bank’s semiannual monetary policy report. His four-year term as chair expires in February 2022.
Meanwhile, Randal Quarles' tenure as vice chair for supervision ends in October 2021, and Vice Chair Richard Clarida’s time in that position concludes in January 2022. There is also one current open seat on the seven-member Fed board.Federal Reserve Chair Jerome Powell testifies during a Senate Banking Committee hearing in Washington, U.S., December 1, 2020.
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