Washington | President Joe Biden gave the Federal Reserve’s political autonomy a needed boost by renominating Republican Jerome Powell as chair, despite calls from some Democrats for a pick more closely aligned with Democrats’ interest in fighting climate change and racial inequity.
“Why am I not picking a Democrat?” Mr Biden asked rhetorically in announcing his decision on Monday (Tuesday AEDT). “Put directly, at this moment of both enormous potential and enormous uncertainty we need stability and independence at the Federal Reserve.
