“We need stability and independence”: Joe Biden justifies Jerome Powell’s tenure at the Federal Reserve

The president of the United States, Joe Biden, nominated for a second term Jerome powell as president of the Federal Reserve (Fed) ya Lael Brainard as vice president.

“At this time of enormous potential and enormous uncertainty, we need stability and independence in the Federal Reserve”, Justified Biden.

According to the words of the US president, since Jerome takes office in 2018 has shown independence and recognized the way in which it has dealt with “unprecedented political interference” launched at the time by former President Donald Trump and maintained the “credibility and integrity” of the central bank.

He added that Powell is the right person to lead the Federal Reserve for a second term and fight the record spike in US inflation.

Both appointments must be approved by the United States Senate. Biden endorsed the Fed Chairman to help promote faster-than-expected economic recovery after last year’s collapse and highlighted progress towards restoring the more than 20 million jobs lost to covid-19.

Powell has led the central bank’s response to the pandemic recession, which involved reduce the loan rate to zero and inject trillions of dollars of liquidity.

The bank has withdrawn those endorsements as the economy recovers, but inflation has also skyrocketed, causing Biden’s popularity ratings to drop in polls.

Meanwhile, Powell emphasized its commitment to prevent high inflation from becoming structural. “We will use all of our tools to support the economy and a strong job market, and to prevent further inflation from taking hold. ”

With information from EFE and AFP.


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