President Joe Biden on Monday announced that he intends to nominate Jerome Powell for a second term as Federal Reserve chairman and to nominate Lael Brainard as vice-chair.
“Chair Powell has provided steady leadership during an unprecedentedly challenging period, including the biggest economic downturn in modern history and attacks on the independence of the Federal Reserve,” said a White House statement.
Powell took office as chairman of the Board of Governors of the Federal Reserve System in February 2018 for a four-year term, according to the White House statement. His term as a member of the Board of Governors will expire on Jan. 31, 2028.
Brainard took office as a member of the Board of Governors of the Federal Reserve System in June 2014 to fill an unexpired term ending Jan. 31, 2026, the statement showed.
“I’m confident that Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before,” Biden said in a statement.
“Together, they also share my deep belief that urgent action is needed to address the economic risks posed by climate change, and stay ahead of emerging risks in our financial system,” Biden continued.
“Fundamentally, if we want to continue to build on the economic success of this year we need stability and independence at the Federal Reserve – and I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs,” he said.
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