Powell Remains Fed Chair After Much Debate

• U.S. President Joseph Biden has re-nominated Jerome Powell to serve as the Federal Reserve chair after many weeks of speculation that Fed Governor Lael Brainard could replace him as leader of the U.S. central bank for the next four years.

• Powell is known for helping steer the world’s biggest economy through the tumultuous impacts of the COVID-19 pandemic, which resulted in nearly doubling the size of the central bank’s balance sheet to $8.7 trillion to stimulate global markets and the economy.

• Biden spoke of Powell and the U.S. economy’s success during this time, stating “it is a testament to the economic agenda I’ve pursued and to the decisive action that the Federal Reserve has taken under Chair Powell and Dr. Brainard to help steer us through the worst downturn in modern American history and put us on the path to recovery.”

• The President expects that the duo will help keep inflation low, prices stable, and continue to reduce the unemployment rate in America. “Together, they also share my deep belief that urgent action is needed to address the economic risks posed by climate change, and stay ahead of emerging risks in our financial system,” he said.