President Biden managed to thread the needle on this one
President Biden announced last week that he has reappointed Federal Reserve Chair Jerome Powell. Regardless of how some feel about this move, President Biden is right. We live in volatile, unstable times, and some stability and continuity are needed and desired. Yes, “president” Trump initially appointed Powell, but that is not reason enough alone to kick him out of a position he has been doing for some time. Trump removed Janet Yellen, simply because she had been appointed by President Obama. Not only did he once again break decades of tradition, but Trump is an ignorant, narcissistic ass whose focus was on getting back at his perceived enemies, not governing this country. Powell was one of the few things he got right. Has Powell done a perfect job in his office? Of course not, but cliché aside, no one is perfect. Hell, President Biden has made some mistakes, but he is still the best man for his job.
Politico reported that Biden had to survive a push from Progressives, who wanted Lael Brainard, a Democrat and a former Obama administration official. Brainard is no lightweight when it comes to the economy. She has served on the Federal Reserve Board of Governors since 2014. Instead of naming Brainard to the top position, Biden tapped her as the number two, Vice Chair of the Board. Biden believes that together, Brainard and Powell will be unbeatable as we continue to navigate uncertain waters.
When addressing the reasoning behind his appointments, Biden said: “Together, they also share my deep belief that urgent action is needed to address the economic risks posed by climate change and stay ahead of emerging risks of our financial system.” With inflation being on everyone’s minds and lips these days, it is good to appoint people Biden believes will best tackle the issue. It is also good to appoint members from both parties as Biden continues his push toward bipartisanship. We really do need for our representatives to work together, and while there are some who will never get that—Greene, Gaetz, and Boebert come to mind—there are still some in Congress who welcome bipartisanship.
Politico reported that Senate Banking Chair Sherrod Brown (D-OH) and Pat Toomey, the top Republican on the committee, were happy with President Biden’s choice. Brown told Politico: “Chair Jerome Powell has led our economy through a historic pandemic, and under his and President Biden’s leadership, unemployment has fallen, and workers are seeing increased bargaining power.” These comments are all true and make the case for Biden’s reappointment of Powell. Of course, Powell will face tough questioning during his confirmation, including whether he plans to circumvent inflation by raising interest rates.
Any decisions he makes regarding interest seem to be supported by Brainard, as the two are closely aligned with respect to policy. We will have to wait to see how all this pans out, but those with stock investments were certainly happy with President Biden’s announcement, as Politico reported that the markets immediately jumped following the announcement. We need these boosts to keep our economy moving in the right direction.
Shirley is a former entertainment writer and has worked in the legal field for over 25 years