President Biden nominated Jerome Powell for a second term as Federal Reserve chair.
Powell, originally selected as Fed chair by President Donald Trump in 2018, led the central bank through its policy response to COVID-19 and the lockdown-induced recession — namely, by enacting near-zero interest rates and $120 billion in monthly asset purchases.
President Biden <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/11/22/remarks-by-president-biden-announcing-his-nominees-for-chair-and-vice-chair-of-the-board-of-governors-of-the-federal-reserve-system/">said</a> on Monday afternoon:
<blockquote>&#8230; I’m nominating Jerome Powell for a second term as Chair of the Federal Reserve &#8230;
When our country was hemorrhaging jobs last year and there was panic in our financial markets, Jay’s steady and decisive leadership helped to stabilize markets and put our economy on track to a robust recovery.
Jay is a believer in the benefits of what economists call “maximum employment.”  That’s an economy where companies have to compete to attract workers instead of workers competing with each other for jobs, where American workers get steady wage increases after decades of stagnation, and where the benefits of economic growth are broadly shared by everyone in the country, not just concentrated for those at the top.</blockquote>
Biden also tapped Lael Brainard — who served as Under Secretary of the Treasury for International Affairs during the Obama administration and is currently a member of the Fed&#8217;s Board of Governors — as vice chairwoman of the Board.
<a href="https://www.wsj.com/articles/biden-will-tap-jerome-powell-for-new-term-as-fed-chairman-11637589600?mod=hp_lead_pos1">The Wall Street Journal</a> explains:
<blockquote>A vocal minority of progressive groups pressed Mr. Biden to replace Mr. Powell with someone more committed to aggressive bank regulation and to using the central bank’s supervisory powers to address climate change. Some of them favored Ms. Brainard, an economist named to the board by Mr. Obama in 2014. She supported Mr. Powell’s monetary policy decisions while dissenting on moves to ease certain banking regulations…
Elevating Ms. Brainard to vice chairwoman represents a compromise of sorts between the two camps. The vice chair of the board, together with the New York Fed president, traditionally serve as the Fed chair’s top lieutenants in designing monetary policy. If confirmed, Ms. Brainard could take over as vice chairwoman next February.</blockquote>
After repeatedly hinting at a taper in quantitative easing, Fed officials <a href="https://www.dailywire.com/news/as-high-inflation-persists-federal-reserve-unveils-first-official-plan-to-roll-back-stimulus">announced</a> that they would cut bond purchases by $15 billion in both November and December.
“The Federal Reserve’s ongoing purchases and holdings of securities will continue to foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses,” said the Federal Open Market Committee.
Two months ago, Powell <a href="https://www.dailywire.com/news/after-ethics-review-fed-bars-top-officials-from-trading-individual-stocks">ordered</a> an ethics review after top officials made large trades at the height of the recession. Federal Reserve Bank of Dallas President Robert Kaplan made multimillion-dollar deals involving shares of Apple, Amazon, Boeing, and Facebook; Richmond Fed President Thomas Barkin and Boston Fed President Eric Rosengren also held significant financial assets, with the latter holding shares of Pfizer, AT&amp;T, and Chevron.
As a result of the review, the Fed barred senior officials from purchasing individual securities.
“To help guard against even the appearance of any conflict of interest in the timing of investment decisions, policymakers and senior staff generally will be required to provide 45 days’ advance notice for purchases and sales of securities, obtain prior approval for purchases and sales of securities, and hold investments for at least one year,” explained a statement from the central bank. “Further, no purchases or sales will be allowed during periods of heightened financial market stress.”

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Jerome Powell Tapped For Second Fed Chair Term

CONTINUE READING

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News

Federal Reserve

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Menu

— News —

Jerome Powell Tapped For Second Fed Chair Term