Joe Biden Calls Jerome Powell "Right Person" To See US Past Pandemic
NDTV
The US President Joe Biden tapped Jerome Powell, a Republican, to stay in the post despite pressure from within his Democratic party to give the nod to Fed Governor Lael Brainard.
US Federal Reserve Chair Jerome Powell "is the right person to see us through" the pandemic recovery and the fight against inflation, President Joe Biden said Monday as he nominated Powell for a second term.
He also called for the Fed to "be a leader among central banks globally in addressing climate-related financial risks" when the United States is dealing with extreme weather events and transitioning to increasing reliance on green energy sources.
Biden tapped Powell, a Republican, to stay in the post despite pressure from within his Democratic party to give the nod to Fed Governor Lael Brainard. She was instead nominated for a promotion to vice chair of the world's most influential central bank.
Biden hailed Powell's performance under former Republican president Donald Trump, who broke with tradition to frequently harangued the Fed chair and demand policy changes.
