Joe Biden confirmed Jerome Powell as president of the Federal Reserve - the US central bank - for a second term, in order to guarantee the country continuity in monetary policy at a time when inflation is at its highest since the 1970s.
He will be joined by Lael Brainard, appointed to the vice-presidency.
Having become president under the Trump administration, Powell is an exponent of the Republican Party: for this reason a part of the dem asked that he not be reconfirmed.
After the nomination, Republican Senators Mitt Romney and Bill Hagerty quickly pledged their support. Speaker of the House, Nancy Pelosi, also promoted the choice, while Democrat Elizabeth Warren reiterated that she will not support what she called a "dangerous man".
Defending his choice, Biden highlighted Powell's leadership capacity and independence in his choices with respect to former head of state Donald Trump: "At a time of great uncertainty we need stability at the Fed," he said.
The confirmed president and vice president will have to know how to manage a difficult time for the American economy, especially for the high cost of living, with prices up 6.2% in October, due to the costs of raw materials.
To counter the phenomenon, the Central Bank has decided to reduce the purchases of assets, reduced to 15 billion dollars a month from the current 120 billion.
To stem inflation, Biden is also contemplating releasing strategic oil reserves , in agreement with India, Japan and China. The move could trigger a reaction from OPEC +, the organization of the main crude oil producing countries extended to include Russia, which could revise its plans for a gradual increase in supplies.
By using the reserves, the administration could stem the cost of gasoline, a problem that afflicts Americans also in view of the arrival of winter and the Christmas holidays.
(Unioneonline / F)
VIDEO: