A Brainard Fed Chair Nomination Would Set Up Manchin as a Key Vote
- Biden interviewed Brainard, Powell but hasn’t picked Fed chair
- Manchin has harshly criticized Fed and defended fossil fuels
Source: Bloomberg
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If President Joe Biden chooses Lael Brainard to replace Fed Chairman Jerome Powell, her confirmation -- like so much else in Washington -- could turn on whether she can win over Senator Joe Manchin, the leading Democratic critic of the Fed’s monetary policy and a supporter of fossil fuels.
While Brainard would likely win confirmation, she wouldn’t get the slam dunk bipartisan vote the White House could expect for Powell. She’d either have to appease Manchin -- who has been aggressively warning about inflation and represents a coal-producing state -- or win Republican votes, which are far from assured in the 50-50, highly partisan Senate.