Jerome Powell will remain the fed chairman for the second term and this may be a bad idea for the Biden Administration

President Joe Biden picked Jerome Powell to lead the Federal Reserve for a second term. Jerome Powell served under Donald Trump and he may have a different agender than what may actually benefit Joe Biden’s term in office. Just our thought since Jerome Powell likes Donald Trump a lot and we are concerned about how he is going to handle the high inflation problem that the country is facing.

Here is what we know according to CNBC

·       President Joe Biden announced Monday that he is renominating Jerome Powell for a second term as Federal Reserve chair and will put forth Fed Governor Lael Brainard as vice chairman.

·       The move comes after weeks of speculation that Brainard might get the nod.

·       In making the move, Biden praised Powell for “decisive” leadership during the Covid crisis.

“As I’ve said before, we can’t just return to where we were before the pandemic, we need to build our economy back better, and I’m confident that Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before,” Biden said in a statement.