U.S. President Joe Biden Nominates Jerome Powell for Second Term as Federal Reserve Chair

United States President Joe Biden has nominated Jerome Powell for a second four-year term as chair of the Federal Reserve on Nov. 22.

Speaking at the White House, Biden cited Powell’s “steady and decisive leadership” that “helped to stabilize markets and put our economy on track to a robust recovery” from the  economic impact of the COVID-19 pandemic.

“If confirmed by the Senate, I pledge to do everything within my power to meet the responsibilities that Congress has entrusted to the Federal Reserve,” Powell, who enjoys bipartisan support, said.

Powell also said that his other key priorities if confirmed include guarding the stability of the financial system, addressing evolving risks from climate change and cyberattacks, and modernizing the payment system while protecting consumers.

Biden also nominated Democratic Federal Governor Lael Brainard as the vice-chair, whom he described as “one of the country’s most qualified and dedicated public servants.”

“I’m committed to putting working Americans at the center of my work at the Federal Reserve. This means getting inflation down at a time when people are focused on their jobs and how far their paychecks will go,” Brainard said.

Biden is expected to fill in three more vacancies on the Federal Reserve’s board of governors by early next year.

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