NEW: President Joe Biden has renominated Federal Reserve Chairman Jerome Powell for a second term as the head of the central bank, a sign of the administration’s approval of Powell’s leadership through the COVID-induced economic crisis
Questions had loomed over whether or not Biden would want to replace Powell. Fed Governor Lael Brainard, a favorite among progressives for spearheading Fed work on climate-related risk, had also been considered by the administration and reportedly visited with the White House in the days leading up to the announcement. Biden has nominated Brainard as vice chair of the Board of Governors of the Federal Reserve System.
"America needs steady, independent, and effective leadership at the Federal Reserve so it can advance its dual goals of keeping inflation low and prices stable, as well as creating a strong labor market that broadly benefits workers with better jobs and higher wages," said a White House statement announcing Powell's nomination.
Treasury Secretary Janet Yellen said Powell's renomination will allow the economy to "continue to benefit from his stewardship." Senators on both sides of the aisle applauded the Biden administration for the picks, with Senate Banking Committee Chairman Sherrod Brown saying he "look[s] forward to working" with Powell in a second term. The committee's top Republican, Pat Toomey of Pennsylvania, said he will support Powell's confirmation.
Powell will now face the Senate Banking Committee for renomination before facing the full 100-member Senate for approval. Before the Biden administration made its pick, Sen. Elizabeth Warren had saidFILE - Chairman of the Federal Reserve Jerome Powell listen during a Senate Banking Committee hearing on Capitol Hill in Washington, Dec. 1, 2020. President Joe Biden announced Monday, Nov.
Opposition could also come from the other side of the aisle, where GOP Sen. Rick Scott of Florida noted that heStill, Powell has had a record of securing bipartisan support through several administrations. A Republican by affiliation, Powell was confirmed to the Fed Board as governor during the Obama administration, securing a
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