President Biden said Tuesday he backs Federal Reserve Chairman Jerome Powell amid harsh criticism from Sen. Elizabeth Warren, Massachusetts Democrat.
When asked if still backed Mr. Powell, the president told reporters, “thus far, yes.”
Mr. Powell, who was nominated by former President Trump to head the central bank, is scheduled to end his four-year term in February.
So far, Mr. Biden hasn’t said if he’d seek to reappoint Mr. Powell, which would require Senate approval.
But he’s faced blistering criticism from far-left Democrats after it was revealed that top Federal Reserve officials were trading securities during the pandemic.
Ms. Warren accused Mr. Powell of creating “a culture of corruption” at the bank. She said the transactions raise “legitimate questions” of possible conflicts of interest and insider trading.
If Mr. Biden reappoints Mr. Powell, he would likely receive widespread support from Republicans. In 2018, Mr. Powell was confirmed in an 84-13 vote, one of the largest for a Trump nominee.