President Joe Biden has slammed Federal Reserve Chairman Jerome Powell for a second term of four years and nominated Lael Brainard as vice chairman.
Federal Reserve Chairman Jerome Powell will remain as the steward of the U.S. economy after the White House announced Monday that President Joe Biden has nominated the current Fed chief for a second term of four years.
Fed Gov. Lael Brainard, who has been touted as a possible replacement for Powell in the top job, has been named by Biden as Fed vice chairman.
In a press release, the White House praised Powell for providing “consistent leadership” during the pandemic, which led to the largest economic downturn in modern history, and praised him for remaining steadfast in the face of “attacks on the independence of the Federal Reserve “. . ”
Former President Donald Trump, who nominated Powell for his first term, broke with White House tradition by repeatedly criticizing the Fed chief for not bowing to his wishes on interest rate policy.
The White House also praised Brainard, an economist whose tighter regulatory stance on Wall Street has made her a favorite of Democratic progressives, for working with Powell “to help drive our country’s strong economic recovery.”
Together, Powell and Brainard also worked to make climate impacts an increasing focus of the country’s monetary policy considerations.
“I am confident that President Powell and Dr. Brainard’s focus on keeping inflation low, keeping prices stable and providing full employment will make our economy stronger than ever before,” Biden said in a statement. “Together, they also share my deep conviction that urgent action is needed to address the economic risks posed by climate change, and to keep abreast of emerging risks in our financial system.”