Wednesday, December 1, 2021

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    Joe Biden To Nominate Jerome Powell For New Term As Fed Chair

    President Joe Biden will nominate Jerome Powell for a new term as chairman of federal Reserve,

    Biden will also nominate Lyle Brainard as vice president.

    “While there is still much to be done, we have made remarkable progress over the past 10 months in getting Americans back to work and getting our economy moving again,” Biden said in a statement. “This success is a testament to the economic agenda I have pursued and the decisive action the Federal Reserve has taken under Chairs Powell and Dr. Brainard to help steer us through the worst recession in modern American history and keep us on the path.” For recovery.

    Powell took office in February 2018, whose four-year term is set to end next year. If confirmed, the new term will be for another four years. His term as a member of the Federal Reserve Board of Governors ends on January 31, 2028.

    “Fundamentally, we need stability and independence at the Federal Reserve if we are to continue to build on this year’s economic success – and after their trial over the past 20 months I am confident that Chair Powell and Dr. Will provide strong leadership to our country,” Biden said.

    Brainard has been a member of the Federal Reserve Board of Governors since June 2014, and his term lasts until January 31, 2026.

    more to come…

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