(DailyDig.com) – Jerome Powell will be forced to step down as Chairman of the US Federal Reserve in the early months of 2022 unless he secures renomination. While his role won’t expire either way for nearly a year, political analysts expect President Biden to announce whether he will support Powell sometime this fall. But Biden is far from the only Democrat showing potential support for the Republican leader.
In fact, several left-wing Senators are actively encouraging Biden to rename Powell as the acting Chairman of the Reserve. The Republican’s supporters cite his excellent handling of the pandemic as proof of his fitness, also crediting him with helping steer the economy.
2. Powell gaining Senate moderates' support https://t.co/ndkOp1yKwP #axiossneakpeek
— Morgan Fairchild (@morgfair) September 15, 2021
The Chairman already enjoys significant support from Republicans. One conservative Senator praised Powell’s steady hand, suggesting it would become an essential tool for moving forward during uncertain times. Another Democrat encouraged Biden to avoid politicizing the Federal Reserve, lest doing so cause further issues for Americans in the future.
Despite having so much support from moderates, Powell faces resistance from progressive Democrats and particularly stern Republicans. Some remain undecided on the legitimacy of his role, while others agree with only some of his viewpoints. Many have yet to announce whether they plan to support him in 2022.
A small number of Republicans don’t care for Powell at all — they just see him as the lesser of multiple potential evils. Senator Ted Cruz worries the chairman failed to acknowledge the threat of inflation. Cruz is also concerned that President Biden might replace the Republican Powell with a more liberal Democrat, which could spur on trillions of dollars in new spending and taxes.
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