Biden also considered nominating Powell for another term.
(Photo: AP)
Glasgow US President Joe Biden wants to comment soon on who should lead the US Federal Reserve (Fed) in the future. He will announce his nomination “very quickly”, Biden told journalists on Tuesday. There is still enough time to get the candidate through the Senate before current Fed chief Jerome Powell’s term ends.
Biden also considered nominating Powell for another term. Powell’s four-year term expires in February 2022. The lawyer and former investment banker took over the Fed chief position in February 2018 from his predecessor, the current Treasury Secretary Janet Yellen.
Most of the economists surveyed by Reuters expect Biden to opt for continuity at the top of the Fed.
More: US economy is losing steam – weakest growth in over a year
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