Progressive Democratic Lawmaker Conveys Opposition to Powell's Reappointment to Biden
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[Asia Economy Reporter Naju-seok] Bloomberg News reported on the 30th (local time) that five progressive Democratic members of the U.S. House of Representatives have requested President Joe Biden to oppose the reappointment of Jerome Powell, Chairman of the Federal Reserve (Fed).
According to the report, five Democratic House members, including Alexandria Ocasio-Cortez, issued a statement demanding the replacement of Chairman Powell. Powell's term ends in February next year.
They raised concerns about Powell's leadership and expressed the need to transform the Fed to eliminate climate change risks and advance racial and economic justice.
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However, it is known that support for Chairman Powell remains strong within U.S. political circles. Janet Yellen, Powell's predecessor and current Secretary of the Treasury, is also reported to support Powell's reappointment.
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