The White House is asking Democratic senators to meet with Federal Reserve chair Jerome Powell before Thanksgiving — leading some to believe President Biden will renominate him this month, people familiar with the matter tell Axios.
The choice of Fed chairman is one of the most consequential in the U.S. and world economic systems. Senators from both parties also are preparing for the confirmation hearing to become a proxy battle over inflation.Republicans already criticize the Fed for its $120 billion in monthly asset purchases, known as quantitative easing.
Democrats have demanded Powell do more to combat climate change and have criticized how the Fed has regulated banks under his leadership.is openly hostile to Powell, putting both him and the president on notice that they’ll face a contentious nomination process.Other Democrats, like Sen. Jon Tester ,Nonetheless, he’ll need help from other centrist Democrats, as well as Republicans, to get confirmed in a 50-50 Senate.
His term ends in February, but presidents typically make their pick known well ahead of time to give financial markets sufficient time to digest the choice.
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