US Senators Assess Potential Fed Presidential Candidates

US Senators Assess Potential Fed Presidential Candidates

Two progressive Democratic senators, Sheldon Whitehouse of Rhode Island and Jeff Merkley of Oregon, issued a joint statement on Friday opposing the renewal of Powell’s term, saying he has not done enough to combat climate change.

“President Biden should appoint a Fed Chairman who will ensure that the Fed is fulfilling its mandate to safeguard our financial system and who shares the Administration’s view that fighting climate change is everyone’s responsibility,” they wrote in the statement. “That person is not Jerome Powell.”

Powell is still seen as having a clearer path to confirmation, supported by Republicans like Sen. Pat Toomey, who have signaled they would oppose Brainard, as well as Democrats like Jon Tester, who confirmed their support for Powell on Thursday. .

In the betting markets, Powell’s chances have dropped to what PredictIt’s online forum operators consider a 62% confirmation chance, compared to Brainard’s 40%.

Manchin said Thursday that he welcomed the possibility of Powell being confirmed as Fed chairman, after the two spoke and discussed their views on inflation, according to a spokesman.

Manchin supported Powell’s nomination the first time, but more recently has raised concerns about rising inflation and the Fed’s bond buying program. Merkley voted against Powell’s first nomination and Whitehouse voted in favor.

Biden is expected to choose a candidate for Fed chairman before next Thursday, Thanksgiving. It is not clear that Biden needs the support of the three Democrats to win approval for his candidate for Fed chairman.

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