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·                     Powell or Brainard? Biden weighs his pick for U.S. Fed chair

President Joe Biden is still weighing whether to keep Jerome Powell as chair of the Federal Reserve for a second term or elevate Fed Governor Lael Brainard to the post, an administration official said on Wednesday.

The White House is cognizant of pressure from both moderates and progressives within the Democratic Party about the choice. "There are pressures going both ways for both finalists," the official said.

Biden met with both candidates for the job last week, and a decision is expected in the coming weeks.

If Biden passes over Brainard for the Fed chairmanship, he could put her in Quarles' old job, which she could use to write stricter rules for Wall Street and potentially take a more active approach on climate change, both important priorities for progressives.

Reference: Reuters