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Jerome H. Powell’s term as chair of the Federal Reserve ends in February. Slots for the vice chair and the Fed’s top bank regulator will also be up for grabs soon, and a position on the Fed’s Board of Governors is already vacant.
Assuming officials leave once their leadership terms end, the Biden administration may, in quick succession, be able to appoint four of the Fed’s seven board members, powerful policymakers who have constant votes on monetary decisions and exclusive regulatory authorities, Jeanna Smialek and Alan Rappeport report for The New York Times.
Many who would like to see Mr. Powell replaced play down the role Treasury Secretary Janet Yellen will have in shaping President Biden’s decision wether to oust Mr. Powell. But Treasury secretaries have traditionally been central to the Fed selection process. Ms. Yellen’s views will carry significant weight in the deliberations, coloring both who is considered and the ultimate outcome.
It’s unclear where Ms. Yellen’s preferences lie, but it’s common knowledge that she was unhappy when Mr. Trump broke a tradition of reappointment in her case.
Regulation and climate are key reasons some Democrats are lining up to replace Mr. Powell. READ THE FULL ARTICLE →