Biden to speak on economy Tuesday, with Fed pick imminent

President BidenJoe BidenFox News reporter says Biden called him after 'son of a b----' remark Peloton responds after another TV character has a heart attack on one of its bikes Defense & National Security — Pentagon puts 8,500 troops on high alert MORE is scheduled to speak about the economy on Tuesday, with his selection of the next Federal Reserve chair expected early this week. 

The White House announced Sunday that the president would "deliver remarks on the economy and lowering prices for the American people" on Tuesday.

Later in the day, he will travel with first lady Jill BidenJill BidenThe Hill's Morning Report - Presented by Facebook - Biden talks, Senate balks Jill Biden adds to communications team in lead-up to midterm elections Harris invokes MLK in voting rights push, urges Senate to 'do its job' MORE to Nantucket, Mass., for Thanksgiving. 

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The White House did not provide further details about the president's speech, but White House press secretary Jen PsakiJen PsakiSchumer requests Senate briefing on Ukraine amid Russia tensions Biden rushes to pressure Russia as Ukraine fears intensify Pelosi requests all-member briefing on Ukraine MORE said Friday that Biden was expected to make a decision "in advance of his departure" for the holiday, adding there would be "more to report early next week."

Biden has indicated that he will either reappoint the current Fed chair, Jerome Powell, or select Lael Brainard, who is on the Fed's board of governors and is seen as being more liberal on climate change and bank regulation, according to Bloomberg

Some Democratic lawmakers, including Sens. Sheldon WhitehouseSheldon WhitehouseOvernight Energy & Environment — Starting from 'scratch' on climate, spending bill Oath Keeper charges renew attention on Trump orbit Democrats call on Biden administration to ease entry to US for at-risk Afghans MORE (D-R.I.), Jeff MerkleyJeff MerkleyDemocrats call on Biden administration to ease entry to US for at-risk Afghans Manchin, Sinema join GOP to sink filibuster change for voting bill Senate GOP blocks election bill, setting up filibuster face-off MORE (D-Ore.) and Elizabeth WarrenElizabeth WarrenArizona Democratic Party executive board censures Sinema Democrats call on Biden administration to ease entry to US for at-risk Afghans Biden stiff arms progressives on the Postal Service MORE (D-Mass.), have urged Biden not to nominate Powell for another term. 

Biden is facing mounting frustration over inflation, with leaders of his own party urging him to take additional action to lower gasoline prices, such as tapping the U.S. strategic oil reserves. Biden has said he is looking into all available tools. 

Last week, Biden asked the head of the Federal Trade Commission (FTC) to investigate if oil companies are illegally increasing gas prices.

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"The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately," Biden said in a letter to FTC Chairwoman Lina KhanLina KhanSmall ranchers say Biden letting them get squeezed Overnight Health Care — White House boosts mask availability On The Money — Ban on stock trading for Congress gains steam MORE, noting that "prices at the pump have continued to rise, even as refined fuel costs go down and industry profits go up."

Sen. Jon TesterJonathan (Jon) TesterSmall ranchers say Biden letting them get squeezed Schumer opted for modest rules reform after pushback from moderates The Hill's 12:30 Report - Presented by Connected Commerce Council - Biden faces reporters as his agenda teeters MORE (D-Mont.) said on "Meet the Press" Sunday that Powell's ability to tackle inflation was being hampered by his confirmation being in limbo. 

“I think we’ve got issues revolving around inflation that he can’t do much about as long as he’s not confirmed,” said Tester, who urged Biden to reappoint Powell.