Brian Chappatta, Columnist

Why a ‘Dangerous Man’ Was a Safe Fed Pick for Biden

With elevated inflation and sagging popularity, the president couldn’t afford a messy confirmation fight.

November 22, 2021 at 2:54 PM UTC

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

Senators and markets know what they’re getting.
Photographer: Kevin Dietsch/Bloomberg

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President Joe Biden, dogged by weakening public approval ratings and coming off a hard-fought battle to pass his new infrastructure law, didn’t have to make his life more complicated with his pick to lead the Federal Reserve.

That’s precisely why he nominated current Fed Chair Jerome Powell to serve another term while tapping Fed Governor Lael Brainard to succeed Richard Clarida as vice chair.