President Biden nominated Jerome Powell for a second term as Federal Reserve chair.
Powell, originally selected as Fed chair by President Donald Trump in 2018, led the central bank through its policy response to COVID-19 and the lockdown-induced recession — namely, by enacting near-zero interest rates and $120 billion in monthly asset purchases.
President Biden said on Monday afternoon:
… I’m nominating Jerome Powell for a second term as Chair of the Federal Reserve …
When our country was hemorrhaging jobs last year and there was panic in our financial markets, Jay’s steady and decisive leadership helped to stabilize markets and put our economy on track to a robust recovery.
Jay is a believer in the benefits of what economists call “maximum employment.” That’s an economy where companies have to