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Despite Leftist Attacks, Jerome Powell Nominated for Second FED Term

Jerome Powell

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President Joe Biden on Monday announced the nomination of Jerome Powell for a second term at the helm of the Federal Reserve (FED), a sign of continuity at the central bank amid growing concerns about high inflation in the country.

“Chair Powell has provided steady leadership during an unprecedently challenging period, including the biggest economic downturn in modern history and attacks on the independence of the Federal Reserve,” the White House said in a statement.

Biden also nominated Lael Brainard, who sits on the Fed’s board of governors, as the central bank’s new vicechair.

The president stressed that Powell’s and Brainard’s “focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before”.

Both nominations must be approved by the Senate.

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The central bank has held interest rates in the 0% to 0.25% range since March 2020 and launched then a multibillion-dollar monthly bond-buying program.

The big concern now is high inflation, which closed in October at 6.2%, the highest rate in three decades.