WASHINGTON—For U.S. President Joe Biden to be true to his agenda he should not renominate Jerome Powell as Federal Reserve chair, Nobel prize-winning economist and longtime Democratic adviser Joseph Stiglitz said in an interview that laid out the case for a remake of the Fed’s leadership. “People have given Powell a lot of kudos because he has supported the economy through the pandemic … On one hand I agree with that,” Stiglitz, now a Columbia University professor, said in a Friday phone interview with Reuters. “On the other hand that is a bare minimum for qualification. Almost anybody reasonable would have done something similar,” Stiglitz said of the near-zero interest rates and monthly bondbuying Powell has maintained since March of 2020. Rather, Biden should look at Powell’s looser approach to financial regulation, his reluctance to build climate-related issues into the Fed’s bank oversight, and check his “gut” on whether Powell …https://www.theepochtimes.com/c-us-politics


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