#MARIO SOMEBODY ELSE INSTRUMENTAL FULL#
Trump broke with recent tradition by picking a new Fed chief.īefore the pandemic, Powell was steering an economy near full employment. Then-President Donald Trump walks with Powell after nominating him to head the Federal Reserve on Nov. But former President Trump ignored that tradition when he dumped then-chair Janet Yellen and nominated Powell in 2017 (Yellen is now the country's Treasury secretary). That's meant to insulate the central bank from partisan politics. presidents have not changed Fed leaders, even when the party in control of the White House changes. Powell's four-year term as Fed chairman is set to expire in February. Here are some key questions as Biden decides what to do. Elizabeth Warren, D-Mass., wage a fight against his reappointment as a stock trading controversy dogs the Fed. It's a decision that has gotten more complicated as some progressives such as Sen.
Now, President Biden has to decide whether Powell should keep his own job. Under Jerome Powell's leadership, the Federal Reserve has been instrumental in steering the economy from the depths of the pandemic in a quest to claw back the 22 million jobs that were lost. The chair of the Federal Reserve has one of the most powerful economic jobs in the world, with the ability to move markets with a single phrase.
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