Biden To Reappoint Jerome Powell As Fed Chairman

The Wall Street Journal reports:

President Biden is set to nominate Federal Reserve Chairman Jerome Powell to a second term leading the central bank, the White House said Monday, opting for continuity in U.S. economic policy despite pushback from some Democrats who wanted someone tougher on bank regulations and climate change.

Mr. Biden will also nominate Fed governor Lael Brainard as vice chair of the central bank’s board of governors, the White House said.

Mr. Biden’s decision ends months of guesswork in financial markets and Washington policy circles over one of the world’s most important economic policy posts. Mr. Powell is expected to win bipartisan Senate confirmation; of the 84 lawmakers who voted for him four years ago, 68 of them are still in office, equally split between the two party caucuses.

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Breaking: Biden will nominate Jerome Powell for a second term as Fed chair, despite resistance from some progressives. Lael Brainard will be nominated as vice chair. https://t.co/JUwXEcVZXN

— The Wall Street Journal (@WSJ) November 22, 2021

Biden said he will reappoint Federal Reserve Chair Jerome Powell as head of the U.S. central bank, opting for continuity in the government’s most powerful economic post https://t.co/R1vx60y8d9

— POLITICO (@politico) November 22, 2021