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The President of the United States Joe Biden assured on Monday that the Jerome Powell is “the right person” to lead the federal bank, a few hours after proposing a renewal of his term, for another four years.
The US President, in a speech to the White House earlier today, also stressed that the Fed should lead the fight against her climate change. Powell has been sharply criticized on this issue by left wing of the Democratic party lately, according to the APE BPE.
Powell and Liel Brainard, which Biden nominated for vice president of the Fed, both pointed out the “catastrophic consequences” that the high inflation for the US economy, an indication that the control price increase may be the top priority of the Federal Reserve.
“We will prevent high inflation from consolidating”
In their brief statements following the announcement of their appointment, Powell and Brainard both stressed that they realize how damaging inflation has become. “We know that high inflation is affecting families, especially those who are not able to afford it. cost “of basic goods, such as food, housing and transportation,” Powell said.
“We will use our tools to support the economy, a strong labor market and prevent high inflation from consolidating“, He added.
The appointment of Powell and Brainard will have to be approved by Senate.
Many senators, such as the Republican leader Mitch McConnell, the Republicans Mitt Romney and Susan Collins and the Democrat Jack Reed have already announced that they will vote in favor.
The Democratic Elizabeth Warren, who recently described Powell as a “dangerous man” and criticized him for his inadequate climate change policy, said he would vote against his appointment but would vote for Brainard.