Powell was appointed Fed chair by President Donald Trump, who also installed both Quarles and Clarida at the central bank. The people familiar with White House discussions asked not to be identified because the talks are private. White House officials have not yet spoken to Biden about a potential Powell renomination or replacement, two of the people said. Asked last week by CNBC whether she supported a second term for Powell, Yellen said: “That’s a discussion I’m going to have with the president." The president passed her over for Treasury secretary, with progressives criticizing her record on climate change and financial regulation, but they have indicated openness to her being Fed chair.

Source: Mint July 21, 2021 17:48 UTC