BISMARCK – U.S. Senator Kevin Cramer (R-ND), member of the Senate Banking Committee, issued the following statement in response to President Joe Biden’s intention to renominate Federal Reserve Chairman Jerome Powell for a second term and Lael Brainard as Vice Chair.
“In light of an economy hamstrung by COVID-19, and now supply chain issues and soaring inflation thanks to the Biden Administration’s debilitating policies, the Federal Reserve needs consistency. Powell’s appointment is a sign of consistency, which is so important at a time like this. Stability and consistency are in the best interests of the American economy and I look forward to supporting his confirmation.”
Senator Cramer met with Chairman Powell in June where they discussed the current state of the economy, the impact fiscal policy decisions have on inflation and economic growth, and the workforce shortages impacting businesses in North Dakota and across the country.
Through his seat on the Senate Banking Committee, Senator Cramer has worked Chairman Powell on various issues related to the economy and the country’s response to the COVID-19 pandemic. The following month, the senator questioned Chairman Powell about issues affecting community banks in North Dakota.
“Despite concerns about the positions Governor Brainard has taken while on the Board of Governors, I look forward to meeting with her and discussing the approach she would take as Vice Chair.”
