Federal Reserve Chair Jerome Powell’s first term is set to expire soon.
President Joe Biden is being pushed by Democrats to find a replacement rather than nominate Powell to another term.
Put simply, Democrats want to swap a money printer with another money printer.
The initiative is being led by Rep. Alexandria Ocasio-Cortez (D-NY) and her merry Squad of socialists.
“To move forward with a whole of government approach that eliminates climate risk while making our financial system safer, we need a Chair who is committed to these objectives. We urge the Biden Administration to use this opportunity to appoint a new Federal Reserve Chair,” they said in a statement last week.
However, Rep. John Yarmuth (D-KY), the Democratic chair of the House Budget Committee, is advocating for a second term for Powell.
“Chair Powell has led the Federal Reserve with a steady hand through a time of severe crisis in our nation,” he said in a statement last week. “As our nation and economy continue to face uncertainty, a consistent and focused Federal Reserve is critical.”
Whether it is Lael Brainard or somebody else, it is going to be the same situation: more money printing. But will Powell’s successor be an MMTer?
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