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Members of President Joe Biden’s economics team generally back the appointment of Federal Reserve Chairman Jerome Powell for a second term, but growing resistance from prominent Democrats, including Senator Elizabeth Warren, D-Mass., Could lead to its replacement, according to people familiar with the matter. .
Powell, who was appointed to his first term by former Republican President Donald Trump, received high marks from some Democrats for leading the central bank towards a paradigm shift that paid greater attention to reducing unemployment . This coincided with a vigorous response to the coronavirus pandemic last year.
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