President Joe Biden will nominate Jerome Powell to a new term of office as Chairman of the Federal Reserve.
Biden will also nominate Lael Mindard for vice chair.
“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,”Biden made the statement in a statement. “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 to help steer us through the worst downturn in modern American history and put us on the path to recovery.”
In February 2018, Powell was elected to office for a term of four years, which will expire next year. If confirmed, the new term will be for an additional four years. His term expires as a Federal Reserve Board of Governors member on January 31, 2028.
“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,” Biden said.
Brainard has been a Federal Reserve Board of Governors Member since June 2014 and is currently serving a term through January 31, 2026.
More to come…