‘Neither yes nor no’: Top Biden aide on second term for Federal Reserve chair Jerome Powell

Jared Bernstein, a member of US President Joe Biden’s Council of Financial Advisers, stated the choice on deciding on the following Federal Reserve chief will come after a radical ‘course of’

Bloomberg | | Posted by Karan Manral

PUBLISHED ON MAY 04, 2021 08:27 PM IST

A senior White Home financial aide demurred on the query of whether or not President Joe Biden will nominate Federal Reserve Chair Jerome Powell for a second four-year time period, saying the choice on deciding on the following central financial institution chief will come after a radical “course of.”

“It’s neither sure nor no,” Jared Bernstein, a member of Biden’s Council of Financial Advisers, advised a Politico occasion Tuesday in response to query on whether or not the president ought to re-nominate Jerome Powell as Fed chair.

Powell’s tenure on the helm of the U.S. central financial institution expires in February. Biden stated final month that he hadn’t spoken to Powell out of respect for the establishment’s independence.

Powell, 68, was appointed to the Fed’s Board of Governors by President Barack Obama and elevated to chair by his successor Donald Trump.

Biden is predicted to weigh the selection of Fed chair, in addition to different positions on the central financial institution, in coming months. He’s already being lobbied to make use of a present emptiness on the seven-seat board in Washington to deliver better variety to the central financial institution.

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