Powell’s term expires in February and Bloomberg News has reported that White House aides are considering recommending President Joe Biden keep him on the job.
Treasury Secretary Janet Yellen,who testified beside Powell at the hearing,told senior White House advisers in August that she supports reappointing Powell as chair. Her support is a key voice in the White House deliberation process,Bloomberg has reported,given her prior experience as Fed chair and at the central bank.
Bipartisan support
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Even if Warren was a no vote on Powell,he could probably still count on bipartisan support for confirmation. A number of senators in both parties have said they would back him,including Republicans Rob Portman of Ohio,Thom Tillis of North Carolina,Mike Rounds of South Dakota,Jerry Moran of Kansas and Steve Daines of Montana.
Powell’s votes that joined Vice Chair of Supervision Randal Quarles’ policies of lightening regulation in the name of efficiency has been a sticking point for both Warren and Sherrod Brown,Democratic senator for Ohio and chair of the Senate banking panel.
Warren’s the only senator to come out against a Powell pick. Brown has yet to endorse him,but made a push for a more diverse Federal Reserve during the Tuesday hearing.