Joe Biden's administration has been incredibly successful at steering the economy away from recession
    • Zak@lemmy.world
      1·
      10 months ago

      I do. I also know that Trump nominated Chairman Powell to his first term, and Biden nominated him to his second. Seems they agree on something.

      That’s not even unusual; four out of the past five Fed chairs were nominated by at least two presidents from different parties.

      • Lavitz@lemmings.world
        1·
        10 months ago

        So we agree the president can make a significant change to the federal reserve which you said is involved in monetary policy. Which means…

        • Zak@lemmy.world
          1·
          10 months ago

          A president could, in theory make a campaign promise about what kind of people they would nominate to the Fed board. A friendly enough senate might even confirm those nominees.

          Other than the chair and vice-chair, board members serve 14 year terms, which are intended to help insulate them from politics. A president with very specific ideas about monetary policy could put their thumb on the scale a bit, but the system is designed to resist that.