Jerome Powell To Stay On As Federal Reserve Chair
Newsy
President Biden pointed to Powell's leadership of the economy during the pandemic recession.
President Joe Biden announced Monday that he's nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing Powell's stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies helped bolster confidence and revitalize the job market.
President Biden also said he would nominate Lael Brainard, the lone Democrat on the Fed's Board of Governors and the preferred alternative to Powell among many progressives, as vice chair, the No. 2 slot.
A separate position of vice chair for supervision, a bank regulatory post, remains vacant, along with two other slots on the Fed's board. Those positions will be filled in early December, the president said.
