WASHINGTON, (Reuters) – Federal Reserve Chair Jerome Powell was nominated for a second four-year term by President Joe Biden on Monday (November 22), extending a tenure that began somewhat by chance, survived blistering criticism from former President Donald Trump, and now positions the ex-investment banker to finish the most consequential revamp of monetary policy since the 1970s.
Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, will be vice-chair, the White House said.
“While there’s still more to be done, we’ve made remarkable progress over the last 10 months in getting Americans back to work and getting our economy moving again,” Biden, a Democrat, said in comments emailed to reporters.
“That success is a testament to the economic agenda I’ve pursued and to the decisive action that the Federal Reserve has taken,” he said.
Powell, 68, will need to be confirmed by the Senate, currently controlled by Biden’s Democratic party but closely divided.
The decision to stick with Powell, a Republican and former private equity lawyer elevated to the Fed’s top job by Trump, rejuvenates what in recent decades had been a bipartisan approach to filling the position, and several Republican senators have already endorsed the reappointment despite Powell’s rocky relationship with Trump.