Biden Says He Will Announce Fed Elections ‘Pretty Quickly’

President BidenJoe Biden Biden Administration Targets Methane Emissions McConnell Criticizes Possible Payments to Separated Migrant Families Poll: 50 percent of Republicans don’t think their vote is accurately counted MORE It said Tuesday it will announce multiple Federal Reserve nominees “fairly quickly” after months of considering how to handle various current and future vacancies on the central bank’s board.

During a press conference at the COP26 summit in Glasgow, Scotland, Biden said that several Fed nominees have been “on the train” for some time, but did not specify how many he would appoint or when he would appoint them.

“I have thought about it a lot and have been meeting with my economic advisers about what the best options are. We have a lot of good options, but I’m not going to speculate now, ”Biden said.

Biden has a significant opportunity to reshape the Fed’s board of governors, the seven-person panel that controls the Fed’s banking regulation and supervision, oversees the operations of the 12 reserve banks, and automatically sits on the monetary policy committee. wide of the bank.

Each member of the Fed’s board is appointed by the president and confirmed by the Senate for terms of up to 14 years. Three members of the Fed’s board can also be appointed to serve four-year terms as president, vice president and vice president of supervision.

Biden’s most urgent decision is whether to re-nominate Fed Chairman Jerome Powell, a widely popular Republican in line with the White House’s views on inflation and jobs. Powell would likely face little trouble being reconfirmed in a 50-50 Senate, but Biden is under immense pressure from progressives to replace Powell with a bona fide liberal who supports stricter banking rules. If not reconfirmed, Powell will end his term as president in February.

If Biden renames Powell it will also likely affect his decisions regarding other Fed vacancies. Fed Vice Chairman Richard Clarida’s term, as the board’s No. 2, runs out in January, the position of vice chairman of oversight being left. opened when the term of Fed Governor Randal Quarles expired in October, and there is a vacant seat on the Fed board left unfilled by previous President TrumpDonald TrumpMcAuliffe, Youngkin hold final campaign rallies ahead of tight Virginia gubernatorial race Poll: 50 percent of Republicans don’t think their vote is accurately counted overnight Defense and National Security: The Sub-Deal Showdown intensifies MORE.

Fed Governor Lael Brainard, the only Democrat on the board, is the frontrunner to replace Powell if Biden decides to nominate a new president. If not, Brainard will likely be appointed vice president or vice president of the oversight function.

Those decisions are further complicated by the ability of Powell, Clarida and Quarles to remain on the Fed board as governors despite the end of their presidencies. Powell could stay on the board as governor until 2028, Clarida could stay until 2022, and Quarles could stay on the Fed board until 2032.

Still, most of the Fed’s former presidents and vice presidents have resigned from the bank after losing their titles.

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