Biden to Renominate Jerome Powell for Federal Reserve Chair

Joe Biden will renominate Federal Reserve Chair Jerome Powell to a second four-year term leading the central bank.

The decision is likely to receive pushback from progressives, who feel like Powell is not tough enough on bank regulations or climate change policy, Just the News reports.

Biden will also nominate Lael Brainard, a governor who many progressives sought to replace Powell, to serve as the Fed’s vice chair, the New York Times reports.

“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 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs,” Biden said in a statement Monday.

He also said he expects Powell, along with Brainard, to “address the economic risks posed by climate change and stay ahead of emerging risks in our financial system.”

Powell, a republican, was originally confirmed by the Senate with 84 members voting for him. Of those voters, 68 are still in the Senate. He was first appointed to the Fed’s seven-member board a decade ago by Obama and elevated to his chair position by Trump.