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Biden to keep Jerome Powell as Fed chair for second term, opting for continuity Updated: 2021-11-23 12:19:38 KST


President Biden has re-nominated Jerome Powell, the Federal Reserve chair, to another four-year term regardless of partisan identity.
Biden stressed that Powell is the right leader to steer the Fed at a time of potential but also uncertainty for the American economy.

"Put directly, at this moment of both enormous potential and enormous uncertainty for our economy, we need stability and independence at the Federal Reserve. Jay has proven the independence that I value in the federal chair and, in the Fed chair."

The decision reflects the general view among Biden and his top aides that Powell has done well supporting the country's economy through the pandemic recession, fighting high unemployment, and calming financial markets.
After being re-nominated, Powell said he will exert his utmost efforts to tackle the challenges facing the U.S. economy.

"We will use our tools both to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched."

He also noted how rising inflation takes a toll, especially on families in need.
President Biden also nominated Lael Brainard, the only Democrat on the Fed's Board of Governors as the Fed's vice chair.
She was the preferred alternative to Powell by many progressive groups.
Biden said he will fill the three remaining slots on the Fed's board in early December.
Kim Hyo-sun, Arirang News.
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