Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Fed's Powell met with more lawmakers as renomination hung in the balance

Published 12/03/2021, 03:23 PM
Updated 12/03/2021, 03:30 PM
© Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell pauses while testifying before a Senate Banking Committee hybrid hearing on oversight of the Treasury Department and the Federal Reserve on Capitol Hill in Washington, U.S., November 30, 2021. REUTERS/Elizab

(Reuters) - U.S. Federal Reserve Chair Jerome Powell met with more lawmakers in October than in any month since February, his calendar published Friday showed, as President Joe Biden weighed whether to ask senators to approve Powell's renomination or pick someone else to lead the central bank.

Powell's 16 chats with lawmakers that month included phone calls or meetings with 10 of the Senate Banking committee's 24 members. The Fed Chair and Senator Jon Ossoff spent an hour and a half over dinner on Wednesday, Oct. 27, though the content of their conversation - or even where and what they ate - wasn't included in the Fed's monthly accounting of Powell's doings.

The meetings came as Elizabeth Warren, also a member of the Senate Banking panel that must approve any Fed nominee before consideration by the full Senate, called Powell a failed leader and said she would oppose his renomination.

Progressives were pushing for Biden to appoint Fed Governor Lael Brainard to take over after Powell's term ends in February, saying she would be stricter on Wall Street and would also sharpen the Fed's response to climate change.

© Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell pauses while testifying before a Senate Banking Committee hybrid hearing on oversight of the Treasury Department and the Federal Reserve on Capitol Hill in Washington, U.S., November 30, 2021. REUTERS/Elizabeth Frantz

Biden last month settled on keeping Powell as chair and elevating Brainard to vice-chair.

The last time Powell met more lawmakers in a single month was in February, when he had 22 meetings, his calendars show.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.