Biden nominates Federal Reserve Chairman Jerome Powell to 2nd term
ABC News
President Joe Biden has nominated Federal Reserve Chair Jerome Powell to a second term.
President Joe Biden announced Monday he will nominate Federal Reserve Chairman Jerome Powell to a second four-year term amid new concerns about controlling inflation.
He also said he would nominate Dr. Lael Brainard to serve as vice-chair of the Board of Governors of the Federal Reserve System.
"While there's still more to be done, we've made remarkable progress over the last 10 months in getting Americans back to work and getting our economy moving again. That success is a testament to the economic agenda I've pursued and to the decisive action that the Federal Reserve has taken under Chair Powell and Dr. Brainard to help steer us through the worst downturn in modern American history and put us on the path to recovery," Biden said in a statement.
The announcement follows recent questions surrounding whether Biden would renominate Powell, a Republican, who was nominated to chair the Federal Reserve in 2017 by then-President Donald Trump. Powell was first nominated to the Federal Reserve Board of Governors by then-President Barack Obama in 2011 before Trump elevated him to succeed Janet Yellen, who now serves as Biden's treasury secretary.
