Joe Biden puts fresh stamp of autonomy on battered Federal Reserve

Biden's decision comes at a politically delicate time for the central bank

US President Joe Biden gave the Federal Reserve’s political autonomy a needed boost by renominating Republican Jerome Powell as chair, despite calls from some Democrats for a pick more closely aligned with Democrats’ interest in fighting climate change and racial inequity.

“Why am I not picking a Democrat?” Biden asked rhetorically in announcing his decision on Monday. “Put directly, at this moment of both enormous potential and enormous uncertainty we need stability and independence at the Federal Reserve.”

“Having Fed leadership with broad bipartisan support is important,” the president added in a White House ceremony, flanked by Powell and Fed Governor Lael