Biden will decide by the end of the week on the candidacy of the next Fed chairman

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U.S. President Joe Biden will announce by the end of the week whether he will nominate Jerome Powell for the post of head of the US Federal Reserve (Fed), renewing his term, a decision that causes friction in the ranks of the Democratic Party .

The long-awaited announcement will be made “within the next four days or so,” the president told reporters today during a trip to New Hampshire.

Nominated by former President Barack Obama as a member of the Fed’s Board of Directors before being promoted to chairman of the US Federal Reserve by former President Donald Trump, Jerome Powell will complete his four-year term as F in February.

Biden has the option of offering him a second term or appointing another to the post. But then it will be up to the Senate to vote on whether or not to ratify the nomination of the president.

At a time when the Democratic Party is divided over the plans for social and environmental reforms that Biden wants to push forward, the election of a Fed chairman is a delicate matter.

If the Democratic president elects Powell, the ratification of his candidacy in the Senate is considered almost guaranteed with the risk, however, that this election will affect the left wing of his party, which has asked not to renew his term.

Otherwise, the White House resident could choose Liel Brainard, the sole Democratic member of the Federal Reserve Board, as Fed candidate. But then her appointment could be voted down in the Senate.

Source: AMPE

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Source From: Capital

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