It is perhaps as predictable as it is problematic: Within days of news that two Federal Reserve bank presidents had engaged in controversial stock trades, one of the fiercest critics of the U.S. central bank's financial system oversight demands new ethics rules that would bar such dealings in the future.
For Fed Chair Jerome Powell, however, it is the wrong problem at the wrong time. Under consideration for reappointment as Fed chief while also juggling how to pull off a critical change in U.S. monetary policy, Powell faces a controversy of the Fed's own making that helps reinforce arguments by progressives for broader change at the central bank.
“Institutionally, it’s a bad look,” said Tim Duy, chief U.S. economist at SGH Macro Advisors and an economics professor at the University of Oregon. "It’s better to get ahead of this." Warren, a member of the Senate Banking Committee, which will provide the initial vetting of the nominee, voted against Powell as Fed chair four years ago, has criticized the Fed's approach to financial regulation on his watch and has yet to state an opinion about his possible renomination.
A revamp of monetary policy last year put new emphasis on job growth and led many supporters of Biden, including, to argue that Powell had earned a second four-year term when his current one expires in February.
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