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Powell renominated as Fed chair, disappointing Democratic progressives******
Federal Reserve Board Chair Jerome Powell (right) speaks as President Joe Biden listens during an announcement at the South Court Auditorium of Eisenhower Executive Office Building on November 22, 2021, in Washington, DC.。
US FederalReserve Chair Jerome Powell underscored his commitment toputting climate change at the center of the central bank'spolicymaking decisions during his conversations with PresidentJoe Biden, the White House said on Monday.。
Biden on Monday renominated Powell, a Republican, to anotherfour-year stint at the helm of the Fed, disappointing Democraticprogressives who had pushed the White House to name a tough newregulatory chief to crack down on banks on issues such asclimate change and fair lending.。
Speaking to reporters aboard Air Force One, press secretaryJen Psaki said the Fed had taken important steps forward underPowell, including identifying climate change as a key risk thatneeds to be addressed, working with other central banks tomitigate climate change, and hiring a top climate economist.。
"He did reiterate his commitment to that during theirdiscussions," Psaki said.。
Psaki said Biden hopes to make decisions soon on how hewould like to fill the seats that remain open on the FederalReserve's Board of Governors.。
"He is hoping to make decisions soon," she said.。
Biden has three other Fed seats to fill, including the vicechair for supervision, and intends to pick those in earlyDecember, the White House said earlier on Monday.。
Critics fault Powell for not moving more decisively toaddress climate change in his first term.。
Treasury Secretary Janet Yellen, who held the top Fed jobbefore Powell, told CNBC earlier the central bank was nowgearing up to include analysis of climate change as part of itsstress testing because it "poses a major risk to financialinstitutions."
"The Fed has made considerable strides on bringingevaluation of how climate risks affect the banks it supervises.It's doing very good work on that, and is gearing up ... to doscenario analysis of the risks facing the banks and to use it insupervision," Yellen said.。
Germany suspends certification of Nord Stream 2 pipeline******
This file photo taken on September 7, 2020, shows the Nord Stream 2 gas line landfall facility in Lubmin, north eastern Germany.
German Chancellor Olaf Scholz announced on Tuesday the suspension of the certification process of the Nord Stream 2 natural gas pipeline citing Russia's course of action over Ukraine.
"The situation today has fundamentally changed," he told journalists. "We will reassess the situation that has evolved over the past few days."
"I asked the Economy Ministry today to withdraw the existing report on the analysis of supply security at the Federal Network Agency," Scholz said, adding that it was a necessary administrative step to prevent the certification and thus the operation of Nord Stream 2.
The Ministry of Economic Affairs would now make a new assessment of the security of supply taking the last days' development into account, he said.
Russia's decision to recognize "the Lugansk People's Republic" and "the Donetsk People's Republic" as independent states was a "serious breach of international law" that violated the Minsk agreements and the Charter of the United Nations, Scholz said.
Scholz said it is now important to "prevent a further escalation, and thus a catastrophe. That is what all our diplomatic efforts are aimed at."
The Nord Stream 2 pipeline is expected to transport 55 billion cubic meters of natural gas annually from Russia to Germany via the Baltic Sea. The 1,234-km pipeline, however, has been lying idle, pending a go-ahead from Germany and the European Union.