U.S. Treasury Secretary Janet Yellen said President Joe Biden should pick an 'experienced and credible' person as Federal Reserve chair to reassure markets, and while current chair Jerome Powell fit the bill, others would too.
U.S. Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing on Capitol Hill in Washington, D.C., U.S., June 23, 2021. Greg Nash/Pool via REUTERS
Yellen, who has not publicly endorsed a candidate, told Reuters she gave her advice to the president and it was his decision to make. She declined to say if she supported Powell, as some media have reported. "If the markets are upset because they think the person isn't credible, then that's a person who shouldn't be appointed. The president should appoint someone who is experienced and credible."
As an alternate, many progressives favor Fed Governor Lael Brainard, who served as a senior Treasury official in the Obama administration and was nominated by him to the Fed board in 2014.
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