Yellen tells Biden that Fed Chair Powell has done a ‘good job’ as renomination looms

Treasury Secretary Janet YellenShe said that she had discussed the matter with President Joe Biden and thanked the incumbent holder.

While she wouldn’t disclose specific Biden plans, Yellen indicated that she had solid praises for Chairman Jerome Powell

“I spoke to him about the candidates and recommended that he choose someone who was experienced and trustworthy,” Yellen said to CNBC’s Ylan Mui. I think Chair Powell did a great job.

Powell was appointed to the post of President Donald Trump’s top executive in February. Biden is likely to name someone quickly, and Powell has been widely anticipated to be nominated by Wall Street.

However, recent disclosures have led to criticism of the Powell Fed. regional presidents — and Powell himself — had been buying and selling securitiesIt was tied to both the bond and stock markets during a period when Wall Street was being supported by Fed policy.

There are two regional presidents resigned shortly after the disclosures. The matter was criticized by Powell at a recent congressional appearance. Senator Elizabeth Warren, D.Mass., led the progressive movement. she would vote against PowellIf he is elected for another term. Fed since established an edictIt is forbidden for policymakers or senior officials to own anything else than mutual funds.

Yellen stated that Powell led the Fed in a remarkable time, despite the controversy. Powell was Powell’s predecessor immediately as Fed Chair.

“He has shown great courage in dealing with the crises that followed the pandemic,” she stated.

Fed officials are expected to soon announce when they meet this week. start slowly withdrawing the unprecedented economic helpSince the beginning of the pandemic, it has supplied vital services.

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