Alan Blinder, a former vice chairman of the Federal Reserve, said that as the US economy recovers from the pandemic, President Joe Biden should allow Powell to continue as chairman of the Federal Reserve to maintain policy stability.
"I think Powell did a very good job at the Fed, and if President Biden asked me (but Biden didn't consult me), I would recommend keeping Powell in office," he said in an interview on Wednesday. "it is not so much a reward for his merit (although it is not excessive to say that he deserves to be rewarded), but rather that it represents stability."
Powell, whose term expires in February next year, has so far evaded the question of whether to renew his term in public, while giving the impression that he would be happy to take the helm of the Fed for another four years.
"at least in my opinion, it's not that the Fed has gone astray and needs to change its leadership," Blinder said. He is currently a professor of economics and public affairs at Princeton University.