For months now, there has been constant theorization on who will replace Jerome Powell as the U.S. Federal Reserve chairman. Well, from a White House announcement on Monday, President Joe Biden has decided to maintain the status quo and keep Fed Reserve Chair Jerome Powell.
Jerome Powell’s Re-Nomination Based on His Performance
Powell’s term was supposed to end in February next year. According to the announcement, Biden has nominated him for another four-year term. Together with Jerome, the president also put forward Lael Brainard’s name as the governor of the Fed Reserve.
The term of Jerome Powell as the Fed Reserve chairman started under former President Trump’s administration. Powell came to earn a name as the moderate chair in volatile times.
Commenting on the nomination, Treasury Secretary Janet Yellen praised the steady leadership of Powel in the Fed Reserve. President Joe Biden also mentioned Powell’s steadiness in calming markets and supporting the economy amidst the pandemic. Jerome Powell’s re-nomination aims to ensure policy continuity in the current times of rapid inflation and vast economic uncertainty.
Sherrod Brown (D-OH), the chair of the Senate Banking Committee in charge of Powell’s confirmation hearings also expressed his support. Brown stated that Fed Reserve chair Jerome Powell has led the country’s economy through a historic pandemic. He also noted that under the leadership of Powell, unemployment had fallen and workers gained more bargaining power.
Democrats’ Lael Brainard as the Vice-Chair
It is worth noting that Jerome Powell’s re-nomination is despite his republican status. The decision may disgruntle the progressive democrats who expected a change in leadership, but it seems to be the right one according to Biden.
During the months of speculations, Lael Brainard’s name was among the ones suggested by the democrats. However, Brainard would have faced opposition from the Republicans in the Senate who make up the majority. Instead of a chair, Biden has nominated Governor Brainard as the vice-chair of the Fed Reserve.
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