United States: Falling Back as the World's Leading Power?

United States: Falling Back as the World's Leading Power?
Fecha de publicación: 
29 November 2021
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The CNN television network reported this Monday that Joe Biden will once again appoint Jerome Powell as president of the Federal Reserve (Central Bank) and Lael Brainard as VP.

According to experts, his intention is to attempt to re-straighten the economic situation in the country.

Such decision is interpreted as a result of the effects of the pandemic.

As a pretext, the White House noted that "Powell's action and the Federal Reserve would put the U.S. economy back on track."

It added, "Powell has provided unprecedented leadership, including the largest economic recession in modern history and attacks on the independence of the Federal Reserve."

Meanwhile, on Brainard, the Executive Mansion highlights that "he played a key leadership role at the Federal Reserve, working with Powell to help drive our country's economic recovery."

CNN indicates that Powell's four-year term ended last February.

It took place when prices are rising for consumers, inflation, and shortages caused by the supply chain crisis are pressing concerns for the White House.

Powell will again need Senate approval to fill the job and has faced significant opposition from some so-called progressives Democrats.

On the other hand, Senator Elizabeth Warren from Massachusetts said at a recent Senate hearing that he was a "dangerous man for the job."

She added that a Republican majority in the Federal Reserve under his leadership could "drive this economy over a financial cliff again."

However, some key Democratic-controlled districts, such as the unions, have shown him their support.

In 2018 Powell won Senate approval by an overwhelming majority.

CNN points out that this appointment of Biden comes at a time of turmoil in the Board of Governors and a commercial scandal that threatened to prevent a second term of Powell.

Who is Jerome Powell?

A Republican, nominated to the Board of Governors of the Federal Reserve by former President Barack Obama.

He was appointed president by Donald Trump in November 2017.

His term as a member of the Board of Governors does not expire until January 2028.

He has presided over an emergency rescue attempt in the market, to respond to the economic crisis forced by Covid-19.

Currently, in the United States there are millions of people without a job occupation.

According to The New York Times, to date the death toll rises to 773,106 and 47 million 851,481 infected.

Translated by Amilkal Labañino / CubaSí Translation Staff

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