Charles Plosser discusses Powell’s re-nomination on CNBCARTICLE November 23, 2021
CCB Fellow, Charles Plosser, former President of the Federal Reserve Bank of Philadelphia and CEO, joins CNBC’s ‘Squawk on the Street’ to discuss Biden’s decision to re-nominate Jerome Powell as Fed chair.
Thoughts from Dr. Plosser:
With Powell’s re-nomination as Fed chair and the nomination of Brainard as Vice-chair, Biden has a “slit the ticket” feel to it. This leaves the interesting question of who he will appoint as Vice-chair for regulation. Does it point to the appointment of someone who supports an even more vigorous approach to financial regulation than Brainard to satisfy the group who were opposed to Powell, or will it be someone who is more moderate? We shall see.
I said before Powell’s first nomination that a major task of the Fed chair is to ensure that the Fed’s political independence is not further eroded. That continues to be the priority today. It has not been going well from my perspective and the Fed’s new “strategy” was not helpful. It’s a delicate dance, but a very important one for the health of the economy.
Speaker / Author
Charles I. Plosser, Ph.D.
Dr. Charles Plosser was president and chief executive officer of the Federal Reserve Bank of Philadelphia. In this role, he participated on the Federal Reserve System's Federal Open Market Committee, which is responsible for conducting our nation's monetary policy. He currently serves on the FINRA Board of Governors. Dr. Plosser joined the Philadelphia Federal Reserve Bank in 2006. During his term, he and his colleagues faced the challenges of a global financial crisis followed by a severe recession. The Federal Reserve took unprecedented actions, in both monetary policy and in its lending operations, that helped mitigate the effects of the financial crisis and ... Read More