The strong personal relationship that Federal Reserve Chairman Colin Powell has established with Congress has saved him a reputation for campaigning for the Federal Reserve, which will come into play if he is nominated for re-election.

During his three years at the helm, Powell worked with Congress in a different way than any other Fed chairman since Alan Greenspan. However, unlike Greenspan, who often goes to cocktail parties in Congress, Powell has an organized style of work.

Judging from his monthly schedule, he has held at least 350 meetings, dinners or conference calls with members of Congress from February 2018 to June this year. There are nine meetings almost every month, of which several meetings are held with more than one member of Parliament.

This does not include at least 16 meetings that Powell attended as chairman of the Federal Reserve on numerous congressional committees.

The 68-year-old Powell is already expected to be re-nominated, coupled with Treasury Secretary Yellen to Biden's senior advisers to support Powell's re-election as chairman of the Federal Reserve, his position has been strengthened.

Biden is expected to announce the nomination for chairman of the Federal Reserve around International Labour Day on Sept. 6.

Dudley, the former president of the Federal Reserve Bank of New York, said he absolutely supported Powell's re-election.