Tester: Fed uncertainty not helping inflation; Build Back Better 'a very good bill'

Steven T. Dennis Bloomberg News (TNS)

WASHINGTON — Montana’s senior Senate Democrat suggested that uncertainty over who will run the Federal Reserve has limited action to rein in U.S. inflation and urged President Joe Biden to renominate Fed Chair Jerome Powell for another term.

“I think we’ve got issues revolving around inflation that he can’t do much about as long as he’s not confirmed,” Senator Jon Tester said on NBC’s “Meet the Press” on Sunday.

Powell “needs to be appointed,” said Tester. “We need to confirm him. I think he would be confirmed by a large margin if the president appointed him. And then he can get to work as chairman of the Fed and do a good job as he’s done in the past.”

Tester has previously backed Powell, along with a number of other senators in both parties, including a majority of Republicans on the Senate Banking Committee. Democrats are divided, with three senators — Elizabeth Warren, Sheldon Whitehouse and Jeff Merkley — publicly urging Biden to pick someone else.

Bloomberg has reported that Biden has interviewed both Powell and Fed Gov. Lael Brainard for the job, and his decision is expected before Thanksgiving. A CBS poll published Sunday said 67%

View Source