Former Federal Reserve Vice Chairman Alan Binder said that as the US economy recovers from the pandemic, if President Joe Biden carefully considers it, he should renew Powell as chairman of the Federal Reserve to maintain policy stability.

“I think Powell did a great job at the Federal Reserve, and if President Biden asked me (but Biden didn't ask me), I'd suggest that Powell stay in office,” he said in an interview on Wednesday. “It's not so much about praising him for his merit (although it's not an exaggeration to say that he deserves to be rewarded), it is more about stability.”

Powell's term of office will end in February next year. Up to now, Powell has publicly shied away from the question of whether he will be re-elected, while also leaving an impression on the outside world. If he can steer the Federal Reserve for another four years, he will also be optimistic about the outcome.

Binder said, “At least in my opinion, it's not that the Federal Reserve has gone astray and needs to change its leadership right now.” He currently works as a professor of economics and public affairs at Princeton University.