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Bianco Research Chairman Jim Bianco discusses whether President trusts Fed Chairman on “Make Money With Charles Payne”
The White House expressed moderate support for Federal Reserve Chairman Jerome Powell on Tuesday, the same day Senator Elizabeth Warren, D-Mass., Tore Powell apart in a scathing speech amid the bank’s growing ethical concerns central.
President Biden asked if he still has confidence in Powell and the integrity of the Fed during an interview with reporters following an event in Michigan. Powell’s management has come under heavy criticism in recent days amid scrutiny of personal business activities by senior central bank officials during the COVID-19 pandemic.
“Well, so far yes, but I’m just catching up with some of those claims,” Biden said in response.
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White House Deputy Press Secretary Karine Jean-Pierre made a similar point when asked about Biden’s views on Powell earlier today.
“He has confidence in Powell right now,” Jean-Pierre said.
Dallas Fed Chairman Robert Kaplan and Boston Fed Chairman Eric Rosengren each resigned last week after financial reports revealed they had made personal and real estate equity transactions in 2020 while helping shape Fed policies during the pandemic. The disclosures prompted Powell to call for a review of the Fed’s ethics rules.
Separately, Fed Vice President Richard Clarida has come under scrutiny following revelations he made deals valued at between $ 1 million and $ 5 million last February, one day. before Powell announced a potential change in Fed policy due to the pandemic.
Warren, a staunch critic of Powell, said on Tuesday that the revelations proved he had “failed as a leader.” She gave a scathing speech just days after calling Powell a “dangerous man” and pledging to oppose his re-appointment as president.
“Our nation does not need a leader who does not know or care when, under his leadership, people of great responsibility advance their own interests over those of our nation, or someone else. ‘one that drags its feet to deal with issues that undermine public confidence in the institution he heads, “said Warren.
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Warren has asked the SEC to investigate the three transaction officials to assess potential ethics violations.
Biden has yet to say whether he intends to appoint Powell for another term, although his decision is expected in a few days. Powell’s term expires in early 2022.
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