Biden’s Likely Fed Picks Are Boring in a Good Way

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Bloom Raskin is a notable example. She has excellent conventional credentials, having already served as a Fed governor during the Obama administration, but she’s also expected to be an aggressive regulator who is particularly concerned with climate, a top concern of the party. Recall that Trump had not only broken the norm of renominating the Fed chair when he chose Powell, who was otherwise a conventional choice, but also had five failed picks despite always having a Republican Senate majority — including such oddball selections as the late Republican politician Herman Cain and Republican pundit Stephen Moore, neither of whom had anything close to conventional qualifications. If Biden’s job was to reassure financial markets that the Federal Reserve would be professional and nonpartisan while also keeping congressional liberals happy, his picks appear to be on track to achieve that.