Jerome Powell will get the nod for a second term heading the Federal Reserve, according to the White House.
“Today, 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,” the White House said in a statement released Monday.
President Biden had been under pressure from the leftwing of his party to bring in a new Fed chair. Senator Elizabeth Warren (D-MA) said she opposed Powell getting a second term on the grounds that she believes he is too lax when it comes to banking regulation. Others have centered their criticism of Powell around the issue of climate change, demanding the Fed use its bank supervision authorities to