Biden Urged to Make Changes at Fed With Chair Decision in View
- Fed Up campaign praises Powell but wants more done on equality
- Powell’s term as chair up in February. Other top roles in play
President Joe Biden, who has an opportunity to reshape the leadership of the Federal Reserve over the next 10 months, is being urged by activists to make potentially significant changes at the U.S. central bank.
Fed Up, an advocacy campaign organized by the Center For Popular Democracy in Washington, said “how the Federal Reserve manages the economy must be part of the Administration’s policy vision as it decides who will lead the central bank” in a position paper released Wednesday.
Jerome Powell’s term as chair expires in February, while Vice Chair Richard Clarida’s tenure as a Board governor ends the month before. Randal Quarles’ term as Vice Chair for Supervision expires in October. Powell has deflected all questions on whether he’d stay at the helm if asked, but says he loves the job. Around three quarters of economists surveyed by Bloomberg expect Biden to reappoint him.