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Biden's Fed chair announcement is 'imminent,' top Senate Democrat says
Inflation slamming middle America
Middle America is struggling to keep up with higher prices. FOX Business’ Grady Trimble with more from Missouri where the inflation rate is 7.5 percent.
President Biden's announcement on his pick to chair the Federal Reserve for the next four years is "imminent," Senate Banking Chairman Sherrod Brown said Monday.
"I hear it’s imminent," Brown, D-Ohio, told Bloomberg News on Monday. "I’m not going to speculate who I think it might be now. I assume the decision’s been made and they haven’t announced it, but I don’t even know that," he said.
Brown, who chairs the committee responsible for first vetting the central bank nominee, said White House officials had informed him that an announcement is coming soon, but did not provide additional details.
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Biden is widely expected to name his choice by Thanksgiving to give the Senate enough time to confirm the candidate before current Chair Jerome Powell's term officially expires in February. The Fed chair is one of the most powerful players in Washington, with the ability to dictate the pace of economic growth, and is typically nominated for a second term, often to reinforce the central bank's independence from politics.