NASHVILLE, TN—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, today released the following statement on President Joe Biden’s decision to nominate Federal Reserve Chair Jay Powell to a second term:
“I’ve known Jay for many years, and while the two of us do not agree on everything, I believe he has done a good job despite Democrat spending and policies discouraging work, making his dual mandate of price stability and maximum employment extremely difficult. I have deep concerns about rising inflation and the impact it’s having on all Americans—concerns I’ve spoken with Chair Powell about—and I am pleased the Fed has begun to take action—action that should have come sooner—where it can to address this. As the Biden Administration continues to push its big-government socialism and transformational policies to make the American people dependent on the government from cradle-to-grave, I believe stability at the Fed is in the best interest of workers, taxpayers, and our markets, and I intend to support Chair Powell for a second term.”