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Daniel Moss

Powell or Brainard? Just Get On With It, Please

It’s very late to have questions hanging over the future of the Fed’s leadership. The longer Biden waits, the bigger the risk to economic and financial stability.

Me and you, and you and me.

Me and you, and you and me.

Photographer: Zach Gibson/Bloomberg

In 2009, President Barack Obama took a short break from his summer holiday on Martha’s Vineyard to tap then-Federal Reserve Chair Ben Bernanke for a second term. Joe Biden, by contrast, is more likely to interrupt his Thanksgiving dinner to perform the same duty. 

The White House has been prevaricating for months over whether to give Jerome Powell, the current central bank chief, a second term. The prolonged deliberations — indecision, put less charitably — come at a tricky time for the American and global economies. The delay is starting to raise questions.