International US News

Biden backs Powell to continue heading Federal Reserve, says Central Bank needs stability

Washington [US]: The Federal Reserve needs stable and independent leadership to navigate a post-pandemic world and Jerome Powell would be the right apolitical candidate to continue heading the US central bank, President Joe Biden said. “Now some will no doubt ask why I’m renominating Jay, when he was the choice of a Republican predecessor? Why I’m not picking a Democrat?” Biden said during a press conference on Monday. “Put directly at this moment of both enormous potential and enormous uncertainty for our economy, we need stability and independence. At the Federal Reserve, Jay has proven the independence that I value in the Fed chair.”The renomination of Powell, a Republican appointed by former president Donald Trump, comes after one of the most tumultuous periods ever for both, the Federal Reserve and the US economy emerging from the coronavirus pandemic and the recession triggered by the…

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