U.S. President Joe Biden sent Jerome Powell’s nomination for chairman of the Federal Reserve (Fed) to the Senate for consideration. Mr. Powell took over as Fed chairman in 2018, which, if confirmed, would be his second consecutive term.
The letter to the Senate was released by the White House press office. Last week, Mr. Biden also nominated Lael Brainard for deputy head of the U.S. Federal Reserve, but her nomination has not yet been referred to the Senate for consideration.
The Fed chairman is appointed for a four-year term. Jerome Powell’s term expires in February 2022. He was nominated to the post by previous U.S. President Donald Trump.
Powell’s critics say that he has allowed inflation in the U.S. to rise to a thirty-year high while millions of Americans are unable to find work. Brainard is seen as softer on monetary policy and stronger on banking regulation.
The president of the United States has nominated Powell to be chairman of the Federal Reserve. Photo: Reuters
