President Biden announced the reappointment of Jay Powell as federal reserve chair and the new appointment of Lael Brainard as vice chair. Ms. Brainard is currently a governor of the Federal Reserve board.
The President basically said, ‘Jay, you’re my guy because in our conversations you have promised to maximize employment, to make climate change a top priority, and for your speech a month ago where you said how hard the fed would work to solve entrenched inequities.’
Biden also mentioned standing up to Donald Trump. And I’ll say more about that in a moment.
Here’s what Mr. Biden did not say, ‘Inflation is the number one economic problem in the country today, rising inflation can only be curbed by pressing down on the monetary brake by the fed. And the sooner you move to stop inflation, the better off we’ll all be.’
That’s not what the president said. He did mention inflation. More in the context of how his $5 trillion big government socialist plan will curb inflation. That is a point of view that basically no one outside the White House agrees with.
