Jerome Powell Has Been Nominated By Biden As Chairman Of Federal Reserve

Jerome Powell
Jerome Powell

Last Monday saw President Biden implied that he would nominate Jerome Powell to keep serving as the chairman of the Federal Reserve. This would mean that Powell would be selected for a second term, whilst nominating Lael Brainard as the vice-chair of the Federal Reserve.

The four-year term of Powell will draw to an end in February, and the President does face quite an important decision- should he keep Powell- someone who was brought to the office by a Republican- or should he select someone else for the most important economic policy job of the government?

Jerome Powell To Come Back for A Second Time

In times of rising consumer prices, shortages, and inflation that was caused primarily by the crisis in the supply chain, there have been legit concerns about who the President would select to lead the central banking system of the country, and it seems the President has already made his choice in Jerome Powell.

The White House recently cited the steady leadership of Powell amid the economic crisis led by the pandemic as a reason for this decision. The Powell-led Fed then undertook a series of steps in the months of March and April last year that ensured that the recession of Covid didn’t turn into depression. 

The White House then stated that the entire credit for the economic recovery should be attributed to the success of the economic agenda of the President, along with being a testament to the stringent action undertaken by Jerome Powell, and the Federal Reserve, in their attempt to negate the impact of the pandemic. 

Biden later mentioned that he was quite confident in Jerome Powell and Dr. Brainard’s determination in keeping the inflation rate low, whilst making the prices far more stable for the normal public.

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