President Biden announced his intent to nominate Jerome Powell for a second term as Chair of the Board of Governors of the Federal Reserve System and to nominate Dr. Lael Brainard to serve as Vice Chair of the Board of Governors of the Federal Reserve System. "While our country still faces challenges as we emerge from the pandemic, we have made enormous progress in bringing our economy back to life and getting Americans back to work...
That outcome is a testament to the success of the President's economic agenda, and it is a testament to decisive action by Chair Powell and the Federal Reserve to cushion the impact of the pandemic and get America's economy back on track. 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...
Powell and Brainard share the Administration's focus on ensuring that economic growth broadly benefits all workers," the White House said in a statement.
President Biden still has three vacant seats on the Federal Reserve Board of Governors to fill, including the position of Vice Chair for Supervision. The President intends to make those appointments beginning in early December, "and is committed to improving the diversity in the Board's composition," the White House added.
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