Home » The Fed Board of Directors is changing blood?The senator revealed that Biden nominates at most four “new faces”

The Fed Board of Directors is changing blood?The senator revealed that Biden nominates at most four “new faces”

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The Fed Board of Directors is changing blood? Senator revealed that Biden nominates at most four “new faces”

Financial Associated Press (Shanghai, editor Al Le), US Senate Banking Committee Chairman Sherrod Brown told Bloomberg that he expects US President Biden to announce a series of nominations for the Federal Reserve Board of Governors after deciding on the candidate for the chairman of the Federal Reserve. .

The Ohio Democrat Senate said, “I think Biden is ready to nominate up to four candidates for the Fed Board of Governors.” Brown revealed that he had talked with Biden on the matter, but he could not predict Biden’s final decision.

Brown emphasized that in addition to the chairman, the vacant supervisory seats are “really, really, and really important.” He has recommended several people to Biden, but declined to reveal their names.

Big change

When asked whether he hoped that the current chairman of the Federal Reserve Powell would be nominated for re-election, Brown said that this was Biden’s decision and he might want to put labor at the center of economic policy. “The four nominations may or may not include Powell.”

Brown reiterated that he believes that Powell has done “quite well” in monetary policy, but “not enough” in regulating Wall Street and climate policy. Brown said, “We get along very well, and he himself knows the criticism of him on financial regulation and climate change.”

Brown, unlike her fellow Senator Elizabeth Warren, said at the end of last month that she would not support Powell’s re-election. Warren believes that Powell’s Wall Street regulatory record makes him a “dangerous” candidate.

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On the Republican side, the blockbuster Senator Scott also said that he would not support the nomination of Powell again. Scott said in a letter to Powell that “American families cannot continue to walk on the dangerous path of rising inflation, broken supply chains, and continued labor challenges.”

secret deal?

When the Fed deployed loose monetary policy to withstand the impact of the new crown last year, some senior officials participated in financial transactions. Two of them, Dallas Fed Chairman Kaplan and Boston Fed Chairman Rosengren had announced their resignations.

The embarrassing scandal casts a shadow over Powell’s re-election. The Federal Reserve announced last week that it would completely restrict the purchase of individual stocks and bonds by officials. “We may hold a hearing on this issue soon,” Brown said. “I don’t know if more people are caught in it.”

Kaplan and Rosengren “may not violate” any rules or laws, but he reiterated his support for legislation to prohibit public officials, including members of Congress and the president, from trading company stocks. Now, the scope of this ban should include public officials as well as members of the Federal Reserve Board of Governors and regional Fed Presidents.

However, according to a report by the World Wide Web, the transaction records released by Speaker of the House of Representatives Pelosi, who is with Brown, show that most of the securities investments made by his family members are not lost. Although Pelosi denied “insider trading,” his net worth of more than 100 million still aroused widespread public doubts.

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Brainard

At present, the outside world believes that if Powell is not nominated, then the chairman candidate is very likely to fall on the current board member Brainard, who is also the “chosen” candidate by Warren and the progressive party of the Democratic Party.

However, Brainard is responsible for the supervision of regional banks on the board of directors, and the transaction scandal of regional officials has made her to blame. Brown commented, “The ultimate person in charge-the Fed chairman himself did not pay attention to this matter, and other people may not notice.”

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