October 21, 2021 2:58 pm
Joe Biden says he has confidence in Jerome Powell, Federal Reserve chairman

Joe Biden says he has confidence in Jerome Powell, Federal Reserve chairman

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President Biden stated Tuesday he supports Federal Reserve Chairman Jerome Powell despite harsh criticisms from Senator Elizabeth Warren, Massachusetts Democrat.

When asked by reporters if he still supported Mr. Powell ,, the president replied, “so far, yes .”

Mr. Powell ,, who was appointed by President Trump to lead the central bank’s operations, will be retiring in February.

So far, Mr. Biden isn’t saying if he would seek to re-appoint Mr. Powell ,. This would require Senate approval.

But he ‘s came under fire from far-left Democrats following revelations that high-ranking Federal Reserve officials traded securities during the pandemic.

Ms. Warren claimed that Mr. Powell had created a “culture of corruption” in the bank. She stated that the transactions raised “legitimate concerns” about possible conflicts of interest or insider trading.

If Mr. Biden appoints Mr. Powell he will likely get widespread support from Republicans. In 2018, Mr. Powell was confirmed in an 84-13 vote, one of the largest for a Trump nominee.

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