November 23, 2021
Jerome Powell has been nominated by President Joe Biden to serve a second term as chair of the U.S. Federal Reserve, reports the BBC.
Powell is set to stay in the role, which includes managing inflation and regulating the financial system, for another four years. He initially was appointed by former President Donald Trump and started his first term in 2018.
The 68-year-old Republican has been praised for his management of the economy during the pandemic. The other front-running candidate, Lael Brainard—a current member of the Fed’s Board of Governors—was favored by progressives on the left of the Democratic Party; who, the BBC says, have criticized Powell for not doing enough to tackle climate change and poverty and say he has weakened regulation of financial institutions.
Brainard—who , prior to her appointment to the board in 2014, served as an under secretary of the U.S. Department of the Treasury from 2010 through 2013—has been nominated as vice chair.
Announcing the nominations, Biden said: “While there’s still more to be done, we’ve made remarkable progress over the last ten 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.”
The nominations need to be confirmed in the Senate, before Powell and Brainard take up their posts in February 2022.
Research contact: @BBC