Press Release

Federal Reserve Strongly Positioned to Build a Better Economy

Statement from AFL-CIO President Liz Shuler on President Biden’s reappointment of Federal Reserve Chair Jerome Powell and promotion of Lael Brainard to vice chair: 

Since Janet Yellen’s appointment as chair, the Federal Reserve has properly focused on both parts of its dual mandate—price stability and full employment. Working people have benefited enormously from this turn toward taking full employment seriously.

As chair, Jay Powell has continued to focus on full employment, helping to save our economy from catastrophe during the COVID-19 pandemic. During this same time, as the Trump administration pushed a dangerous deregulatory agenda, Federal Reserve board member Lael Brainard was a courageous lone voice at the Fed for holding Wall Street accountable. 

President Biden’s reappointment of Powell as chair and promotion of Brainard to vice chair is an important step forward for working people. In the days to come, the president will appoint a vice chair of supervision and make three additional nominations to the Board of Governors. These are critical appointments, and we are confident they will reflect the president’s continued commitment to building an economy that works for working people and ensuring that the banking system is overseen by strong, independent regulators.

Contact: Liz Vlock (202) 637-5018