Powell reappointment to Fed chair backed by Yellen: report

Powell reappointment to Fed chair backed by Yellen: report
© Greg Nash

Treasury Secretary Janet YellenJanet Louise YellenFinancial oversight panel unveils climate risk plan On The Money — Democrats eye tough choices as deadline looms Supply snarls, hiring issues hindered economy in September: Fed report MORE has backed Federal Reserve Chairman Jerome Powell's reappointment to his position, multiple people with knowledge of the situation told Bloomberg.

Yellen has talked to senior White House officials to cast her support for Powell, the sources said, who would likely be voted through by both Democrats and Republicans. 

Powell was appointed by former President TrumpDonald TrumpHarris stumps for McAuliffe in Virginia On The Money — Sussing out what Sinema wants Hillicon Valley — Presented by Xerox — The Facebook Oversight Board is not pleased MORE in 2018, and former President ObamaBarack Hussein ObamaBiden: Democrats' spending plan is 'a bigger darn deal' than Obamacare Harris stumps for McAuliffe in Virginia Biden to stump with McAuliffe Tuesday MORE appointed him to the Fed in 2012.

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The sources said the White House has broadened its candidate search and has been looking at public comments about views on the labor market from potential nominees. 

Two sources said there could be more hesitancy to cause big changes at the Fed due to the uncertainty the delta variant is causing in the market.

President BidenJoe BidenBiden: Democrats' spending plan is 'a bigger darn deal' than Obamacare Biden says he's open to altering, eliminating filibuster to advance voting rights Biden: Comment that DOJ should prosecute those who defy subpoenas 'not appropriate' MORE is likely to make a decision on who should fill the Federal Reserve chairman position around Labor Day weekend, sources told Bloomberg.

Powell has gained support from both Democrats and Republicans for standing up to Trump and keeping the financial markets stable at the start of the pandemic. 

Sen. Steve DainesSteven (Steve) David DainesSenate GOP signals they'll help bail out Biden's Fed chair Senate GOP seeks bipartisan panel to investigate Afghanistan withdrawal Warren, Daines introduce bill honoring 13 killed in Kabul attack MORE (R-Mont.) wrote a letter to Biden on Thursday in support of reappointing Powell.

“Doing so would send a strong signal to households, businesses, and consumers that the head of the Federal Reserve continues to enjoy broad bipartisan support, and will act as necessary to achieve its dual mandate of price stability and maximum employment,” Daines wrote.