Biden appoints Powell for second term as Federal Reserve Chairman

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The President of the Federal Reserve, Jerome Powell, was appointed for a second four-year term by the president Joe Biden this Monday (22).

The decision extends a term that began somewhat by chance, survived criticism from former President Donald Trump, and now positions the former investment banker to finish the biggest monetary policy overhaul in the United States since the 1970s.

Lael Brainard, a member of the Federal Reserve board who was the other top candidate for the job, will be appointed vice president of the US central bank. USA, reported the White House.

Brainard took office in 2014, with a term slated to end in 2026. She previously served at the US Department of the Treasury and was deputy national economics adviser to former Democratic President Bill Clinton.

“While there is still more to be done, we’ve made remarkable progress over the past 10 months in getting Americans back to work and getting our economy moving again,” said Biden, a Democrat, in comments e-mailed to reporters.

“This success is a testament to the economic agenda I have been pursuing and the decisive action the Federal Reserve has taken,” he said.

Powell, 68, will need to be confirmed in office by the Senate, currently controlled by Biden’s Democratic Party, but heavily divided.

The decision to keep Powell in office, a Republican and former private equity lawyer elevated to the Fed’s top job by Donald Trump, rejuvenates what in recent decades had been a bipartisan approach to filling the job, and several Republican senators have already endorsed the reappointment despite Powell’s shaky relationship with the former Republican president.

Reference: CNN Brasil

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