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Expand chart
Reproduced from The Atlantic Council's GeoEconomics Center; Note: This graphic assumes Powell or Brainard would be nominated this Sunday, Nov 20; Chart: Axios Visuals

President Biden is late in announcing his decision for the next chairman of the Federal Reserve, according to data and analysis by the Atlantic Council.

Why it matters: Presidents typically give markets — and the Senate — much more time to digest such monumental financial news, especially during a time of economic turmoil.

  • Senators also have the important job of confirming the nominee.

By the numbers: With the international economy still reeling from the global financial crisis in the summer of 2009, President Obama announced a second term for Ben Bernanke some 162 days before his term expired.

  • Twelve years later — with the world now battling COVID-19 and struggling with supply chain disruptions — Biden is poised to give markets fewer than 80 days to process a potential Powell reappointment.
  • If Biden decides against renominating Jerome Powell and opt for another potential choice, Lael Brainard, her nomination would be much later than the previous three nominees.
  • Brainard, however, would be in some good company: Markets only got a 69-day warning from President Ronald Reagan before he named Alan Greenspan to the first of his five terms.

Go deeper

Dec 1, 2021 - Politics & Policy

Scoop: GOP warns Biden about Fed pick

Richard Cordray is seen during his 2018 Ohio gubernatorial bid. Photo: Jeff Swensen/Getty Images

Key Republicans are warning President Biden not to nominate Richard Cordray, a progressive and former director of the Consumer Financial Protection Bureau, to be the top banking regulator on the Federal Reserve.

Driving the news: Sen. Pat Toomey (R-Pa.) is indicating the GOP will use a potential Cordray nomination to re-litigate his tenure at the CFBP, an agency devised by Sen. Elizabeth Warren (D-Mass.) and fiercely opposed by most Republicans.

Updated 1 hour ago - Politics & Policy

Congressional leaders clinch support for crucial defense bill, debt limit votes

Senate Majority Leader Chuck Schumer passes waiting reporters on Tuesday. Photo: Eric Lee/Bloomberg via Getty Images

Congress has found a shortcut to pass its annual defense funding bill and raise the debt limit.

Driving the news: The House voted Tuesday night on two major bills — one creating a one-time, fast-track process for the Senate to raise the debt ceiling with just 51 votes, and another passing its annual defense bill.

House passes annual defense bill

Speaker of the House Nancy Pelosi. Photo: Chip Somodevilla/Getty Images

The House voted to pass the annual defense bill 363-70 on Tuesday night, authorizing nearly $770 billion in funding for defenses and national security programs.

Why it matters: The National Defense Authorization Act (NDAA) still has to clear the Senate, but the House passage greatly increases the chances that the must-pass defense bill will move through both chambers of Congress before the end of the year.