Biden announced his nomination for Fed Chair at a press conference at the White House.
He said the COVID-19 pandemic has created the worst economic crisis in the US since the Great Depression, and there is still a long way to go before we can fully recover from the devastation caused by the pandemic.
Biden stated that despite all the progress, they still face serious difficulties, that price increases are not only the problem of the USA, but the whole world, and supply chain constraints cause price increases.
Noting that no institution can play a more important role than the Fed in overcoming these difficulties, Biden noted that it is the Fed’s job to balance maximum employment and price stability targets.
“I believe you are the right person”
“It takes patience, skill, and independence to achieve these goals. That’s why today I’m nominating Jerome Powell to head the Fed for a second term. I’m nominating Lael Brainard as Fed Vice Chairman,” Biden said. said.
Emphasizing that Powell’s steady and determined leadership has helped stabilize markets and put the US economy on a solid recovery, Biden noted that he believes Powell is “the right person” to address the threat of inflation and achieve the target of maximum employment.
Biden stated that Powell also stated that accelerating efforts to address and mitigate the risks posed by climate change on the US financial system and economy will be his top priority.
Biden pointed out that he will be asked why he re-nominated Powell when he was elected by his Republican predecessor, and why he didn’t choose a Democrat. has successfully preserved the integrity and credibility of this institution.” he said.
We will use our tools to avoid high inflation
Fed Chairman Jerome Powell, after being nominated for a second term as chairman of the bank, promised that he would do everything in his power to meet the responsibilities that Congress gave the Fed if approved by the Senate.
Stating that the epidemic brought a sudden and painful recession, Powell stated that the resilience of the American economy, together with the strong policy actions and vaccines that ensure the economy to normalize again, laid the groundwork for a strong recovery.
Pointing out that the economy has shown the fastest growth in recent years, Powell stated that the unprecedented re-normalization of the economy with the ongoing effects of the epidemic led to supply and demand imbalances, bottlenecks and inflation explosions.
Stating that they are aware that high inflation affects families, Powell said, “We will use our tools to support both the economy and a strong labor market and prevent high inflation from settling.” said.
Powell noted that maintaining the resilience and stability of the financial system, climate change, addressing the evolving risks from cyberattacks, and modernizing the payment system while protecting consumers are among other key priorities.
I am determined to put working Americans at the center of my efforts.
Fed Board Member Lael Brainard also expressed his honor to be entrusted with this responsibility at a critical time.
Emphasizing that he is determined to put working Americans at the center of his efforts at the Fed, Brainard stated that this means reducing inflation, supporting an inclusive economy, ensuring that financial markets are resilient, making the economy sustainable for future generations and serving all Americans.
Source: Dünya Gazetesi by www.dunya.com.
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