Fed Chairman Jerome Powell’s shot at another term is threatened by progressive Democrats whose priority is a more activist Fed on regulation, writes Greg Ip
But the Fed is also a financial regulator, an inherently more political role than monetary policy. Mr. Powell’s shot at another term when this one expires in February is now threatened by progressive Democrats whose priority is a more activist Fed on regulation and other nonmonetary matters.
Mr. Powell almost certainly has enough votes from both parties to be confirmed; the question is whether the holdouts can persuade President Biden to nominate someone else. Last weekthat Mr. Biden’s economic team generally supports giving Mr. Powell a second term, but resistance from Democrats including Sen. Elizabeth Warren could lead to his replacement.
Back then, Republicans were motivated more by ideology than evidence that Ms. Yellen’s policies had done any harm. The same is true of progressives’ attacks on Mr. Powell, under whom banks appear to have gotten safer, not weaker.
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