U.S. Federal Reserve Chair Jerome Powell has been nominated by President Joe Biden for a second term at the head of the central bank.
Powell has guided the Fed and the nation’s economy through the staggering and sudden COVID-19 recession by implementing unprecedented monetary stimulus.
Biden made the announcement Monday morning following weeks of speculation that a push from progressives might see Fed Governor Lael Brainard get the spot.
Brainard instead will be vice chair of the board of governors; she had been widely expected to get a separate vice chair for supervision post, which oversees the nation’s banking system. As vice chair, she would succeed Richard Clarida, whose term expires Jan. 31, 2022.
The nominations next head to the Senate for confirmation.
In making the decision, Biden praised the Powell Fed for its "decisive" action in the early days of the pandemic.
