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Yellen advising Biden on choices for Fed, says Powell has done a 'good job'

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The 64 year-old Jerome Powell is set to take over from current Chairwoman Janet Yellen when her term expires Feb. 3. (AP Photo/Carolyn Kaster) Carolyn Kaster

Yellen advising Biden on choices for Fed, says Powell has done a ‘good job’

November 01, 02:45 PM November 01, 02:45 PM

Treasury Secretary Janet Yellen has been discussing with President Joe Biden whether Federal Reserve Chairman Jerome Powell should be renominated and said he has done a “good job.”

Yellen told CNBC on Monday that she has advised Biden on the matter and expressed her thoughts on Powell’s job performance, but she declined to say whether she has directly recommended that Biden choose him over other contenders.

“I talked to him about candidates and advised him to pick somebody who is experienced and credible,” she said while in Europe. “I think that Chair Powell has certainly done a good job.”

FED HOLDS INTEREST RATES STEADY AS IT EYES FUTURE TAPERING

The remarks come as Biden weighs whether to keep Powell, a Republican, in his current position. While some liberal Democrats, including Sen. Elizabeth Warren of Massachusetts, have said they oppose Powell, many in the party look favorably on Powell’s commitment to full employment.

Fed watchers see Powell being removed from his role as unlikely, especially as the central bank is in the middle of trying to resurrect the economy from its pandemic-induced slump. Yellen has also reportedly expressed her support for Powell to top White House aides.

Warren and some others on the Left, such as Rep. Alexandria Ocasio-Cortez of New York, have called for Powell’s replacement. One name that has been floated is Lael Brainard, the sole Democratic member of the Federal Reserve Board of Governors. Warren has praised Brainard in the past for how she approaches financial regulation.

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Powell’s term as chairman of the Fed is set to end in February 2022.

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