We have never believed in sacrificing important values in the name of bipartisanship. The same point applies with even greater force from a longer perspective. It also provides reassurance for those genuinely worried about rising prices. Immediately, for moderate Democrats, Powell offers both a much bigger shield against conservative accusations of fiscal irresponsibility than the same actions coming from a newly appointed liberal. This is profoundly important in both the short and long terms. And it is wholly implausible to accuse Powell of either greasing the skids for a slide into socialism or of repudiating his intellectual integrity to advance a Democratic President’s political fortunes. His denial that excessive inflation is either imminent or inevitable given current Fed policy comes from a Trump appointee (as chair, although not initially as a governor) not previously known as a liberal and/or a subscriber to the “deficits don’t matter” school. In fact, this is very much why Powell’s explicit refutation of the economic argument against the Biden plan carries so much weight. Powell is a believer - as Donald Trump discovered to his dismay. Whatever one thinks of the rule that presidents should not tell the Fed what to do, it is clear that Mr. We are not predicting a diminution of the Fed’s independence. Powell will provide strong support for this essential step. The most important issue facing us today is the enactment of President Biden’s comprehensive program responding not just to the ravages of COVID-19 but to the underlying social and economic problems that have exacerbated its effects. We believe the national interest will be best served by President Biden reappointing Jerome Powell to chair the Federal Reserve System.
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