November 22, 2021

In choosing to renominate Jerome Powell to head the Federal Reserve, President Joe Biden is placing the economic future of his administration largely in the hands of a Republican selected by Donald Trump who made his fortune in private equity and enjoys overwhelming support among GOP lawmakers.

Biden passed on an opportunity to put the central bank under the helm of a woman and a Democrat — Fed Governor Lael Brainard — for years to come. Why?

In part, people close to Biden say he did it because of Wall Street’s confidence in Powell’s stewardship during the pandemic — the Dow jumped a couple of hundred points on Monday right after the news. And Biden by nature tends to favor incumbents, continuity and bipartisanship.

Read more:

https://www.politico.com/news/2021/11/22/why-biden-picked-powell-523214