Biden chose Powell: Will be nominated for second term at Fed

Jerome Powell will have a second term at the head of the Fed

US President Joe Biden announced Monday that he will nominate Jerome Powell to continue a second term at the head of the Federal Reserve for four more years, and as Vice President Lael Brainard to replace Richard Clarida . 

“We can’t just go back to where we were before the pandemic, we have to better rebuild our economy and I’m sure President Powell and dr. Brainard will focus on keeping inflation low and prices stable, and full employment will make our economy stronger than ever, “the US president said in a statement. 

According to the president, his decision to nominate Powell is due to the handling of the monetary policy implemented by the Fed to face the pandemic. 

The agency implemented loan programs, lowered interest rates to near zero, and began a monthly bond purchase program that would increase holdings of Treasury bonds and mortgage-backed securities by $ 120 billion a month.

“President Powell has provided consistent leadership during an unprecedented challenging period, including the largest economic recession in modern history and attacks on the independence of the Federal Reserve,” Biden added in the document. 

In recent weeks there was speculation about Biden’s decision as to who he would choose as Fed chairman, between Powell, a Republican, and Brainard, a Democrat, appointed by former President Barack Obama in 2014. 

Now, Powell must be confirmed in the Senate. In his first term he was approved by 84 to 13 votes and it is likely that he will be confirmed without problems. Brainard may have a more difficult situation for approval.

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