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Biden selects Powell for second term as Fed chair


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WWW.CNBC.COM

President Joe Biden made the announcement Monday morning following weeks of speculation that Fed Governor Lael Brainard could get the spot.

 

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Jerome Powell, who guided the Federal Reserve and the nation’s economy through the staggering and sudden Covid-19 recession by implementing unprecedented monetary stimulus, has been nominated for a second term as chairman of the U.S. central bank.

 

President Joe Biden made the announcement Monday morning following weeks of speculation that a push from progressives might see Fed Governor Lael Brainard get the spot.

 

Brainard instead will be vice chair of the board of governors; she had been widely expected to get a separate vice chair for supervision post, which oversees the nation’s banking system. As vice chair, she would succeed Richard Clarida, whose term expires Jan. 31, 2022.

 

 

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