President Joe Biden on Monday renominated Jerome Powell as Federal Reserve chairman, ending months of speculation over who would run the central bank for the next four years, the White House announced in a statement.
Powell had drawn ire from some progressives who have pushed the central bank to expand its dual mandate of keeping people at work and prices in check, and focus more on climate change and racial equity. Some Democrats also had argued that he has been too hands-off as a bank regulator.
Fed governor Lael Brainard was nominated to serve as vice chair, the White House also announced.
“Chair Powell has provided steady leadership during an unprecedently challenging period, including the biggest economic downturn in modern history and attacks on the independence of the Federal Reserve,” the statement read. “President Biden has full confidence in Powell and Brainard’s experience, judgment, and integrity to continue delivering on those mandates and to help build our economy back better for working families.”
As a Republican appointed in 2017 by a Republican president to lead the Fed, Powell had drawn solid support from GOP lawmakers for much of his tenure, although that support had become checkered in recent weeks as the specter of sharply rising inflation rose to dominate the headlines.