Biden says he will make Fed nomination announcements 'fairly quickly'

FILE PHOTO: An eagle tops the U.S. Federal Reserve building’s facade in Washington, July 31, 2013. REUTERS/Jonathan Ernst

GLASGOW (Reuters) -President Joe Biden said on Tuesday that the White House will be making an announcement about his nominations to lead the U.S. Federal Reserve “fairly quickly.”

Biden told reporters that he has been thinking about personnel decisions, including whether to re-nominate Fed Chair Jerome Powell, and that he expected there would be “plenty of time” for his central bank nominees to be cleared by the Senate before current terms expire.

A Fed chair nomination this week would have some recent historical precedent. Former president Donald Trump nominated Powell as chair on Nov 2, 2017, about a year after he won the election and the day after the Fed’s November policy meeting.

Some Democrats have criticized Powell’s performance, especially after a trading scandal at the Federal Reserve, but investors believe here he remains Biden’s likely pick.

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