(WASHINGTON) — President Joe Biden announced Monday he will nominate Federal Reserve Chair Jerome Powell to a second four-year term.
“While there’s still more to be done, we’ve made remarkable progress over the last 10 months in getting Americans back to work and getting our economy moving again. That success is a testament to the economic agenda I’ve pursued and to the decisive action that the Federal Reserve has taken under Chair Powell and Dr. Brainard (as vice-chair) to help steer us through the worst downturn in modern American history and put us on the path to recovery,” Biden said in a statement.
“Fundamentally, if we want to continue to build on the economic success of this year we need stability and independence at the Federal Reserve — and I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs,” he added.
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