Washington, Sept 9 (AFP/APP):President Joe Biden is facing growing pressure within his Democratic party to remove Jerome Powell from the helm of the American central bank at a key moment for the US economy.
With the Federal Reserve trying to orchestrate a sustained recovery that will restore jobs lost during the Covid-19 pandemic without igniting inflation, Biden’s decision could have lasting consequences.
Progressive Democrats have called on Biden to oust Powell, a Republican, and name a comparatively liberal candidate who will do more to tighten oversight of banks and address climate change and systemic racism.
But failing to name the Fed chief to a second four-year term could jar financial markets and open Biden to charges of playing politics with the independent system.
The White House has not said when Biden will make a decision, but it is likely to be soon, since the terms of two other top roles at the institution will end in in coming weeks.
