Biden Says Powell's Renaming Keeps the Fed Stable and Independent
- President says he sought to avoid politicizing central bank
- Powell assured Biden he’d combat inflation, climate change
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President Joe Biden said Federal Reserve Chairman Jerome Powell is the right person to lead the central bank as the U.S. economy continues to recover from the pandemic and the government moves to combat rising inflation.
“It’s the Fed’s job to balance two key goals. The first is to achieve maximum employment to get as many Americans working as possible. The second is to keep inflation low and stable,” Biden said. “To meet these goals is going to require patience, skill and independence.”