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President Biden picks Jerome Powell to be next Fed chair
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President Joe Biden has tapped Jerome Powell to serve another four-year term as the chair of the Federal Reserve System’s Board of Governors.
In a Monday announcement, the White House announced President Biden would be nominating Powell as his pick to lead the Federal Reserve once his current term ended in February. The executive branch cited Powell’s “decisive action” in lessening the economic impact brought on by the pandemic, as well as in the creation of 5.6 million jobs and a 4.6% unemployment rate.
In addition, Biden chose current Fed board member Lael Brainard to be vice chair of the agency. Brainard’s 14-year term as a member of the Federal Reserve is scheduled to expire in 2026, while Powell’s ends in 2028.
“I’m confident that Chair
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