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Biden Puts Fresh Stamp of Autonomy on a Battered Federal Reserve

  • Democratic president keeps GOP Fed chair progressives opposed
  • Biden vouches for Powell’s commitment to combat climate change
Bloomberg business news
WATCH: Biden says Powell has stood up to “unprecedented political interference.”Source: Bloomberg
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President Joe Biden gave the Federal Reserve’s political autonomy a needed boost by renominating Republican Jerome Powell as chair, despite calls from some Democrats for a pick more closely aligned with Democrats’ interest in fighting climate change and racial inequity.

“Why am I not picking a Democrat?” Biden asked rhetorically in announcing his decision on Monday. “Put directly, at this moment of both enormous potential and enormous uncertainty we need stability and independence at the Federal Reserve.”