The White House announced today the appointment of Jerome Powell as chairman of the US Federal Reserve for a second four-year term, a choice that shows US President Joe Biden a desire to continue, but also the agreement between Republicans and Democrats.
Lael Brainard, a member of the Fed’s board of directors who was the other high-ranking candidate for the post, will be vice president, the White House said.
“While there is still a long way to go, we have made remarkable progress over the last ten months with Americans returning to work and our economy moving again,” Biden told reporters in an e-mail to reporters. “This success is a testament to the financial agenda I have pursued and the decisive action taken by the Federal Reserve,” he said.
68-year-old Republican Jerome Powell has been leading the strong Fed since 2018, after being elected by then-President Donald Trump. His actions during the Covid-19 crisis were hailed by both the right and the left, but some progressives had called for his replacement. His appointment will now have to be confirmed by the Senate.
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