WASHINGTON (AP) — President Joe Biden announced Monday that he is nominating Jerome Powell for a second term as Federal Reserve chairman, endorsing Powell’s stewardship of the economy through a brutal pandemic recession that will see the Fed’s policies ultra-low interest rates helped boost confidence and revitalize the economy. The job market.
Biden also stated that he would nominate Lael brainard, the Fed’s only Democrat and, for many progressives, the best alternative to Powell, as Vice Chairman.
The president stated that he would fill the remaining three positions on the board, including the vice-chairman of supervision, a position in banking regulation, “in the early December.” According to the White House he also pledges to improve governance diversity.
In its announcement, the White House highlighted the economic gains made since Biden was elected. Biden’s administration has claimed that more than 5.6million jobs have been created, unemployment has fallen below 4.6%, and economic growth has been faster than in other parts of the developed world.
Administration attributes this success to Powell and the Federal Reserve’s “decisive actions”.
“Chairman Powell has led steadily through an unprecedentedly challenging period, including the worst economic downturn in modern history and attacks on the independence of the Federal Reserve,” the White House wrote.
According to the government, Brainard played a significant leadership role at Federal Reserve.
“Powell and Brainard share the government’s focus on ensuring that economic growth broadly benefits all workers,” the White House wrote. “That’s why they’ve overseen a historic re-evaluation of the Federal Reserve’s goals to refocus its mission on the needs of workers of all backgrounds. And they have set important priorities that the president shares, such as addressing the financial risks of climate change and staying ahead of emerging risks to our financial system.”
Biden issued the following statement in regard to the nominations