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Powell Draws Scorn From Key GOP Senator Over Politicized Fed

  • Toomey withholds endorsement, other senators back second term
  • Toomey decries push on left for Fed to act on climate, race
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Three Problems Facing the Fed
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The Senate Banking Committee’s top Republican sharply criticized Federal Reserve Chairman Jerome Powell Tuesday for tolerating what he considers to be the politicization of the nation’s central bank.

In an interview with Bloomberg News, Senator Pat Toomey of Pennsylvania, unlike many other Republicans, did not endorse Powell for another term as Fed chair. His criticism comes as President Joe Biden deliberates over whether to renominate Powell, or pick someone like Democratic Fed Governor Lael Brainard, the favorite of some outside liberal groups.