Monday, January 24, 2022

UPDATE 1-Fed Brainard says fighting inflation is key to economic growth

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(Adds a hearing start)

WASHINGTON, Jan. 13 (Acesparks) – Fed control of inflation, which has risen to nearly 40-year highs, is “the most important task” the Federal Reserve must address to sustain current economic expansion, Fed Gov. Lael Brynard said in a Senate hearing Thursday. hearing on his candidacy for the position of Deputy Governor of the US Federal Reserve.

“We are seeing the strongest recovery in growth and declining unemployment in the last five decades,” Brainard told members of the Senate Banking Committee. “But inflation is very high and people working across the country are worried about how much their wages will go down. Our monetary policy is aimed at reducing inflation to 2 percent, while continuing the all-round recovery. This is our most important task.”

A session with Brynard, a Ph.D. in economics and a veteran of U.S. economic policy development, could signal the beginning of a broader and potentially bitter guerrilla competition over the composition of the Fed board, with Republican senators expressing their concerns quickly. over his candidacy.

Currently, only four seats in the Fed board have been filled and Biden is expected to be appointed, including to the post of second vice president of financial regulation. he can put forward what he thinks should be on hand. With Wall Street.

Democrat Brynard, who was first appointed to the Fed by then-President Barack Obama in 2014 and approved by a 61-31 vote in the Senate at the time, will be a prominent player in the movement.

He frequently voted against steps taken during the administration of former President Donald Trump and Fed Chairman Jerome Powell to ease control over large banks; The Fed called for more capital allocation from financial firms; and Fed officials are concerned that they are behind European central bankers in understanding how climate change could affect the macroeconomic and financial systems.

Senator Sherrod Brown, chairman of the committee’s Democratic Party, opened the hearing with bright applause and said Brainard was a “stable hand” who helped run the Fed during the coronavirus pandemic and understood that Wall Street was workers, not corporations. “It simply came to our notice then.

But the panel’s top Republican, Sen. Pat Tumi, sharply criticized Brynard’s “promotion” of a new Fed policy approach, saying it risks an “inflation tax for all Americans” to help job growth for different demographic groups. said that there is.

Toomey also expressed concern that he was “supporting the Fed’s environmental policies” by setting up a climate analysis to control financial institutions.

A majority vote in the Senate, where Democrats exercise tight control, is required to approve Brainard as vice president.

Brainard’s opening remarks stuck to the monetary policy script Powell used at Tuesday’s hearing, which called for higher interest rates and other measures when needed to make sure the Fed’s inflation returns to its current high of 2%. said he would work with. the goal. (Report by Howard Schneider, edited by Paul Simao)

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