President Joe Biden met with Federal Reserve President Jerome Powell and Governor Lael Brainard this week as administrators consider central bank leadership over the next four years, sources say.
Powell and Brainard, who are affiliated with Biden, are seen as the two main characters who seem to lead the world’s largest bank, controlling interest rates, the economy, and banks.
The man said the president has not yet made a final decision on who will lead the Fed. Washington and Wall Street expect elections in the coming days.
The Democrat-led Senate can Biden nominate anyone as the Fed’s prime ministerial candidate. Republican Powell may face the development opposition, and Democrat Brainard will face the GOP opposition.
Nearly a few Democrats and almost everyone in the Biden Republican Senate can expect to support Powell as proof of his strength with the Fed.
The central bank has financed the U.S. economy until 2020 to combat rising unemployment and the weakening economy of Covid-19 on Wall Street in the U.S. by imposing significant monetary policies to stabilize financial markets and lower interest rates.
Brainard is widely regarded as the highest representative in a vacancy instead of a goalkeeper when he is not in the office. In this capacity, Brainard is one of the country’s most important financial administration officials and chief representatives during the presidency.
Some Democrats continue to support his move, arguing that Powell has not fully put pressure on the Fed on issues such as the economic consequences of climate change or monetary inequality.
President, sen. He added that the Fed’s recent changes to banking regulations have made the central banking system a “dangerous person”.
Earlier this week, the Fed announced it would begin lowering its normal price to help stimulate the economy during the recession.
The central bank has sold $ 120 billion in government bonds and debt-backed securities since 2020 to make the market more accessible and keep interest rates low.
The start date of the interest rate is not specified and is not expected to last for several months.