Biden to speak on economy Tuesday, with Fed pick imminent

President Biden 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 Biden to Nantucket, Mass., for Thanksgiving. 

The White House did not provide further details about the president’s speech, but White House press secretary Jen Psaki 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 Whitehouse (D-R.I.), Jeff Merkley (D-Ore.) and Elizabeth Warren (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.

“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 Khan, noting that “prices at the pump have continued to rise, even as refined fuel costs go down and industry profits go up.”

Sen. Jon Tester (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.