President Biden's nomination of Jerome Powell for a second term as chairman of the Federal Reserve shows Biden's willingness to stare down progressives to get his cherished Build Back Better legislation through the Senate and into law.
President Biden's nomination of Jerome Powell for a second term as chairman of the Federal Reserve shows Biden's willingness to stare down progressives to get his cherished Build Back Better legislation through the Senate and into law.Inflation is threatening Biden’s $2 trillion social spending and climate package, and Biden wants to save his political capital with moderates for that fight.
Biden's move opts for continuity and an easy confirmation process over a symbolic fight that could have risked market turmoil.Biden’s gambit appears to have worked, with important Senate Democrats, and Republicans, promising to confirm him. “I look forward to working with Powell to stand up to Wall Street and stand up for workers,” said Senate Banking Committee Chairman Sherrod Brown .
After clearing his throat about Powell and inflation, Pat Toomey , the ranking Republican on banking, got behind him: “I look forward to supporting his confirmation,” he said. Former Treasury Secretary Larry Summers, a persistent Biden critic on inflation, was all praise today: “The institution is in good hands,”
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