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Biden to name ‘slate’ to Fed that may include Powell, Senator Brown says -Breaking

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© Reuters. FILE PHOTO – Jerome Powell, Federal Reserve Chairman, speaks during a Senate Banking, Housing and Urban Affairs Committee hearing about the CARES Act, in Washington, DC, U.S.A, September 28, 2021. Kevin Dietsch/Pool via REUTERS

(Reuters) – U.S. president Joe Biden said Tuesday that he will likely present a “whole” list of Federal Reserve Board nominees. This could include Jerome Powell.

Brown spoke with Bloomberg Television about the whole package and said that he talked to Biden the day before. He also stated that he understood that President Obama wanted workers in the centre of his economic policies. This includes making the Fed more American-like, but more America-like.

Brown heads the Senate banking committee. This oversees Fed nominations and must be approved by all senators.

Powell’s term expires as Fed chair in February. There are also seven Fed Board members with vacant seats and one to two additional seats that could be opened up over the next few months.

Brown stated that workers will get a lot of attention when the President looks to make up to four nominations — maybe Powell or not.

Progressives support Lael Brainard, the current Fed governor, to become Fed Chair.

Other supporters of Powell’s role believe she can make a difference on climate and regulation by taking over the Fed’s regulation czar position, which was open earlier this month following Randal Quarles’ resignation.

Brown spoke out about the Vice Chair for Supervision, saying that it is “Really Really Really Important”. Brown also stated that Biden has spoken to Brown about the “a couple of” people who he supports for the job.

Brown stated that Powell had done “some things that are too supportive for Wall Street when deregulation is concerned, and he wasn’t engaged enough on climate”, but he did a “reasonably great job” on monetary policy.

Brown’s comments were sharply contrasted with those made by Senator Elizabeth Warren. Warren is also on the bank committee. Warren has already stated she would oppose Powell’s renomination citing her concerns about Powell’s record regarding regulation.

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