Former Treasury Secretary Lawrence H. Summers has praised Biden's decision to reinstate Jerome Powell as the head of Federal Reserve.
"The president made a good choice...Jay Powell, in the fullness of it all, has done an excellent job at the FED," Said Summers for Bloomberg.
Jerome Hayden Powell, also known as simply "Jay" Powell, is the economic advisor and former investment banker, currently serving as the 16th Chair of the Federal Reserve.
Powell is registered as a Republican and is previously known as Donald Trump's appointee. However, his term as the Chair should be divorced from cheap political tricks.
Jerome Powell could get four extra years of contributing to the American monetary policy if the Senate approves. Experts believe this decision should pass the Senate without any hiccups.
Jay Powell is the man behind many of the current economic realities.
He's responsible for pumping money into the American economy. FED can also singlehandedly change interest rates across the country. Many economic advisors believe Powell is pushing FED to help everyday Americans enjoy the strong economy.
Powell is facing difficulties ahead
So far, he's done a solid job of keeping American standards alive, considering the pandemic, unusually strong demand, and the great resignation. Will this be the case for the next four years? Time will tell.
Inflation might not be transitory, but there's only so much that FED can do in these situations.
Powell has decided to focus on inclusive growth and climate.
Are you afraid Powell's re-nomination would be terrible for your paycheck?
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