Powell ‘75 re-nominated as Federal Reserve Chair — Tuesday, November 23

Show Notes

Princeton alumni made headlines yesterday, as Jerome Powell ‘75 was renominated as Federal Reserve Chair, and Jeff Bezos ‘86 made a substantial donation to the Obama Foundation. 

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Opener: For the Daily Princetonian, I’m Hope Perry. You’re listening to Daybreak.

Intro: Princeton alumni made headlines yesterday, as Jerome Powell [class of] ‘75 was renominated as Federal Reserve Chair, and Jeff Bezos [class of] ‘86 made a substantial donation to the Obama Foundation.

Tag: It’s Tuesday, November 23rd.

Body:

Yesterday, President Joe Biden announced he plans to renominate Jerome Powell [class of] ‘75 as the Chair of the Federal Reserve. The move has been criticized by some Democratic senators, who believe that Powell has not done enough in his tenure as Fed Chair to regulate Wall Street or combat climate change. Biden also announced the nomination of Lael Brainard — who is considered more favorable among progressives — for Vice Chair of the Federal Reserve. If confirmed by the Senate, Powell and Brainard will be tasked with combating the inflation that has increasingly become a factor of concern.

In other alumni news, Jeff Bezos [class of] ‘86 donated $100 million to the Obama Foundation in honor of Rep. John Lewis. Lewis served in Congress for more than three decades. Along with Martin Luther King Jr., he organized the March on Washington in 1963, a key moment in the Civil Right Movement that led to voting rights for Black Americans two years later. Lewis died in July 2020 at the age of 80. [quote] “Freedom fighters deserve a special place in the pantheon of heroes” said Jeff Bezos In a statement given yesterday. Continuing, [quote] “I’m thrilled to support President and Mrs. Obama and their Foundation in its mission to train and inspire tomorrow’s leaders.” The plaza at the Obama Presidential Center will be renamed the John Lewis Plaza.

In a report released by the Stockholm-based International Institute for Democracy and Electoral Assistance, also known as International IDEA, the United States was added to a list of “backsliding democracies” for the first time — defined as nations seeing gradual decline in the quality of their democracy. The report’s US assessment centered on developments during President Donald Trump’s administration. Most notably, the report called Trump’s questioning of the legitimacy of the 2020 election a [quote] “historic turning point” that [quote] “undermined fundamental trust in the electoral process.” [pause here] The study found that more than a quarter of the world’s population now lives in democratically backsliding countries. Despite the declines, the International IDEA also highlighted pro-democratic trends, reporting that [quote] “protest and civic action are alive and well.”

Yesterday, Austria began a major lockdown as a strong fourth wave of Covid-19 spreads across Europe, and also announced that vaccination will become compulsory on February 1st, becoming the first European country to require the vaccine. Around 40,000 people marched in Vienna over the weekend to protest the new regulations.

Governments across the continent have been toughening their Covid-19 measures as a result of high infection rates, with nearly 2 million new cases each week. WHO chief for Europe, Hans Kluge, blamed the rise in cases on insufficient vaccination, despite availability, and said that the continent could see half a million more deaths by February.

Weather: On campus, expect a chilly morning, with partly sunny skies, a breeze, and a high of 44 degrees.

Tag: That’s all for Daybreak today.

Closer: Today’s episode was written by Eden Teshome and me, sound engineered by me, and produced under the 145th managing board of the Prince. Our theme was composed by Ed Horan, class of 2022. For the Daily Princetonian, I’m Hope Perry. From all of us here at Daybreak, have a safe and happy Thanksgiving break.

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