The Race Is On: Brainard Emerges as Powell Re-Up Rival

The White House interviews the Democratic economist for Fed chair, setting up a two-person contest.

Jerome Powell has serious competition in his quest for another term as Federal Reserve chair. Lael Brainard, a Fed governor, was interviewed for the central bank’s top post in a visit last week to the White House, Bloomberg reported.

Right now, betting sites give Powell the decided edge for re-appointment to another four-year term. No one else other than Powell and Brainard appears to be in the running.

A Republican Wall Streeter, Powell was named the Fed chair by GOP then-President Donald Trump. President Joe Biden has expressed appreciation for Powell’s efforts to restore the pandemic-thwacked economy. But Powell has come under fire from liberals, such as Sen. Elizabeth Warren, D-Mass., for being what they see as too lenient on regulating big banks.

Brainard, an economist and Democrat like Biden, has made known her dissatisfaction with the Fed’s regulatory policies. Politico reported that Biden aims to name the next chair by Thanksgiving.