Biden Nominates Jerome Powell to Continue Leading Federal Reserve

Fed chairman has overseen worst monetary crisis in recent history

Image Credits: Kevin Dietsch / Staff / Getty.

US President Joe Biden has renominated Jerome Powell as chairman of the Federal Reserve for a second term.

The move had been widely anticipated by market-watchers.

“America needs steady, independent, and effective leadership at the Federal Reserve. That’s why I will nominate Jerome Powell for a second term as Chair of the Board of Governors of the Federal Reserve System and Dr. Lael Brainard to serve as Vice Chair of the Board of Governors,” Biden’s official Twitter, reads.

The step signals continuity with the Fed’s current monetary policies at a time when Washington faces critical challenges, including rising inflation amid efforts to revive the slow economy due to the Covid-19 pandemic.

Powell was appointed to his first term as Fed chair by former US President Donald Trump. Нe has led the central bank’s aggressive response to the economic upheaval caused by the pandemic, keeping the key interest rate near zero despite rising prices for consumer goods.

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