If Biden picks Powell, it will mean only one Democrat in more than three decades will have been elevated to the top Fed post
Left-leaning activists and lawmakers are pushing President Joe Biden to dump Federal Reserve Chair Jerome Powell for Fed Governor Lael Brainard with a last-ditch message: Don’t miss a rare opportunity to install a known and tested Democrat atop the world’s most important economic institution.
“Brainard and Biden come from similar wings of the Democratic Party,” said Jeff Hauser, director of the progressive Revolving Door Project, which opposes Powell. “Brainard is just a better bet to naturally, independently arrive at a similar place to the Biden administration than Powell.” The administration hasn’t indicated when a decision is coming, but a White House official said it would be made “in a timely manner.”
Brainard, a PhD economist who served as an adviser in the Clinton White House and Treasury under secretary in the Obama administration, was one of the few Democrats to remain in a Senate-confirmed position throughout Trump’s presidency with her seat on the Fed board. She has the tacit support of many progressives.
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