Yellen Backing Re-appointment of Powell as U.S Federal Reserve Chairman

United States Treasury Secretary Janet Yellen, is supporting the re-appointment of Jerome Powell as the chairman of the United States Federal Reserve. This information was revealed by senior White House advisers who claimed Yellen made the revelation to them.

A Bloomberg reporter posted a tweet suggesting that U.S President Joe Biden is more likely to address the matter during the upcoming Labor Day celebrations at the beginning of next month.

Back in 2018, Former President Donald Trump, promoted Powell to chair the central banking system of the United States replacing Yellen who was the Federal Reserve Chair back then.

Republican Senator and Member of the Senate Banking Committee, Steve Daines, wrote a letter to President Biden urging him to retail Powell at the helm of the Fed for an additional four years to build confidence in the economy.

Keeping Powell would send a strong signal to households, businesses, and consumers that the head of the Federal Reserve continues to enjoy broad bipartisan support, and will act as necessary to achieve its dual mandate of price stability and maximum employment,” read the letter.

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