President Joe Biden is still weighing whether to keep Jerome Powell as chair of the Federal Reserve for a second term or elevate Fed Governor Lael Brainard to the post, an administration official said on Wednesday.
The White House is cognizant of pressure from both moderates and progressives within the Democratic Party about the choice. "There are pressures going both ways for both finalists," the official said.
Powell, 68, who was appointed chair by former President Donald Trump and whose four-year term ends in early February, is seen as the front-runner. But he has also drawn criticism as supply bottlenecks have driven inflation to a 31-year high even as millions of Americans cannot find jobs, and for a trading scandal on his watch that resulted in the resignation of two Fed presidents and a rewrite of the central bank's ethics rules.
Brainard is seen as more dovish on monetary policy and as a stronger hand on bank regulation. It is unclear how much support her nomination would muster from Republicans.
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