The future of Federal Reserve Chairman Jerome Powell as head of the central bank remains uncertain this week, with Senate Banking Committee Chairman Sherrod Brown, D-Ohio, noting that Powell may or may not be reappointed when the President Biden will unveil his Fed nominees in the next few days.
Powell, whose term expires in February, has come under heavy criticism over his handling of Fed policy, as well as his leadership of the central bank, amid lingering ethical concerns involving senior officials. Asked about his views on Biden’s plans, Brown told Bloomberg News he expected the president to announce a “slate” of candidates for the Federal Reserve board of governors.
“I think when the president looks to make up to four appointments – maybe including Powell, maybe not – the focus will be a lot more on the workers,” Brown said.
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The Ohio senator said he was in regular contact with Biden and Powell regarding Fed policy. Brown added that he felt the current Fed leadership had “too much Wall Street,” although he declined to speculate whether Powell deserved to be re-elected president.
“The president will make the decision. I think Powell did a pretty good job of monitoring the policy, ”Brown said. “He’s failed, has done some things that I think are too supportive of Wall Street on deregulation, and he’s not committed enough to the climate. “
Aside from Powell’s expiring tenure as chairman, Biden is expected to fill at least one and up to three seats on the Fed’s board. The White House has yet to say when Biden will announce his candidates.
Earlier this month, White House Deputy Press Secretary Karine Jean-Pierre said Biden “has confidence in Powell right now.”
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Senator Elizabeth Warren, D-Mass., Another member of the Senate Banking Committee, is among those who have said Powell should not be re-appointed chairman of the Fed. Warren called Powell a “dangerous man” and argued earlier this month that he had “failed as a leader” amid allegations that some Fed officials engaged in financial transactions inappropriate personal.