An impending decision on the Federal Reserve chair, an anticipated announcement from the Fed about tapering, and competing ideas on paid family and medical leave are among the top business news items this morning.
President Joe Biden says he’ll be making his nomination for the Federal Reserve chair “fairly quickly” as the end of Jerome Powell’s term approaches in February. Powell has won support for renomination from some White House officials, including Treasury Secretary Janet Yellen, but is also facing opposition from more liberal lawmakers.
The Fed is expected to announce today that it will begin the process of tapering its asset purchases, a move that has long been anticipated as the central bank looks to move on from pandemic emergency measures. It remains uncertain when the Fed might look to increase interest rates.
Democratic and Republican lawmakers expressed contesting ideas on how to offer paid family and medical leave after the measure was dropped during negotiations over a major social policy and environmental bill. Democrats favor a national program administered by the federal government, while Republicans are suggesting incentives for private employers who offer paid leave.