Biden forfeits 'ability to scapegoat Powell' with Fed pick, liberals say

President Joe Biden settled months of speculation on Monday with a pick to lead the Federal Reserve that left-wing groups said would open the White House to Republican criticism.

Americans for Financial Reform, a group advocating for stricter regulation of Wall Street, among other financial sector reforms, called Biden’s choice of incumbent Chairman Jerome Powell, a Republican who was selected for the Fed’s Board of Governors by former President Barack Obama and elevated to chairman by former President Donald Trump, “a major disappointment.”