President Joe Biden’s selection of a Federal Reserve chief is “imminent,” Senate Banking Chair Sherrod Brown, D-Ohio, said.
White House officials informed him the decision is “imminent,” Brown told Bloomberg, although he added he does not know any more details concerning when the choice will be made or who it will be.
“I’m not going to speculate who I think it might be now,” Brown said. “I assume the decision’s been made and they haven’t announced it, but I don’t even know that.”
Current Federal Reserve chief Jerome Powell could be nominated to another term, but the president is facing pressure from the left to choose another candidate, such as Lael Brainard, who is currently the only Democrat member of the Federal Reserve’s Board of Governor’s, The Hill reported.
Biden met earlier this month at the White House with both Brainard and Powell, who are believed to be the two frontrunners for the position, with no other names having been leaked to the public.
Powell’s term ends in February. He was named to the post by former President Donald Trump in 2018 after having been nominated for the Board of Governors by former President Barack Obama.
Since Biden entered the White House, the focus of the debate on who to choose as the next Fed chief appeared to be connected to the Fed’s role in the regulation of some of the nation’s largest financial institutions, according to VOA.
But with the current attention on rising inflation, as Biden and Democrats face poor public approval ratings in part due to the widespread increases in prices, the terms of the discussion over what task is most important for the Fed chief might have changed.
“If you want to look at the economy right now and have a ledger of things to worry about, the soundness and safety of the banking system is not at the top of that list,” Bankrate.com senior economic analyst Mark Hamrick told VOA. “Over the long term, it should be toward the top of the list, but for now, banks are performing quite well. We haven’t had a major banking failure for quite some time.”