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Yellen tells Biden that Fed Chair Powell has done a ‘good job’ as renomination looms

Treasury Secretary Janet YellenAccording to her, she discussed with President Joe Biden the steps he would take in naming the Federal Reserve Chairman and gave credit to the current holder.

Although she didn’t reveal any plans Biden had, Yellen stated that she was very supportive of the current Chairman. Jerome Powell

“I spoke to him about the candidates and recommended that he choose someone who was experienced and trustworthy,” Yellen said to CNBC’s Ylan Mui. I think Chair Powell did a great job.

Powell was appointed to the post of President Donald Trump’s top executive in February. Biden will likely name someone shortly, and Powell is highly expected to be renominated on Wall Street.

A series of disclosures has led to criticisms about the Powell Fed. regional presidentsPowell was also there buying and selling securitiesIt was tied to both the bond and stock markets during a period when Wall Street was being supported by Fed policy.

There are two regional presidents resigned shortly after the disclosures. The matter was criticized by Powell at a recent congressional appearance. Senator Elizabeth Warren, D.Mass., led the progressive movement. she would vote against PowellIf he is elected for another term. Fed since established an edictIt is forbidden for policymakers or senior officials to own anything else than mutual funds.

Yellen stated that Powell led the Fed in a remarkable time, despite the controversy. Powell was Powell’s predecessor immediately as Fed Chair.

She stated that “He demonstrated admirable leadership in dealing with the crises that followed the pandemic” and had established a framework together that’s very focused on full-employment.

Fed officials are expected to soon announce when they meet this week. start slowly withdrawing the unprecedented economic helpSince the beginning of the pandemic, it has supplied vital services.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.