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Jerome Powell appointed for a second term as head of the Federal Reserve

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US President Joe Biden has nominated outgoing chairman of the Federal Reserve Board of Governors Jerome Powell for a second term. Powell was originally appointed to the position by former US President Donald Trump.

Powell appointed for a second term as Fed chairman

While our country continues to face challenges as we recover from the pandemic, we have made tremendous progress in bringing the economy back to life and bringing Americans back to work … to mitigate the effects of the pandemic, the president said in a statement, adding that Lael Brainard, who previously served on the Federal Reserve Board of Governors and who, according to the media, was Powell’s main competitor to succeed him, is to be replaced by Powell.

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The president emphasized that thanks to the policies of him and the president of the Fed, America is developing at a faster pace than most developed countries.

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“I am confident that President Powell’s and Dr. Brainard’s focus on low inflation, stable prices and achieving full employment will make our economy stronger than ever,” Biden said. He added that they both shared his views on “the need to take urgent action on the economic threats posed by climate change”.

Originally nominated by Trump

Powell, a Republican who was nominated as chairman of the US central bank in 2017 by President Trump, has also been praised by Democrats, including for an expansive policy conducive to increasing employment, although part of the left wing of the party demanded a change of position. If approved by the Senate, Powell will remain in office for another four years.

Jerome PowellAl Drago / EPA / PAP

Main photo source: Al Drago / EPA / PAP



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