President Joe Biden will renominate current Federal Reserve Chairman Jerome Powell to continue leading the agency for another term. He will make an official announcement from the White House Monday afternoon.
"The President will announce his nominees for Chair of the Board of Governors of the Federal Reserve System, Jerome Powell, and Vice Chair of the Board of Governors of the Federal Reserve System, Dr. Lael Brainard. Chair Powell and Dr. Brainard will also deliver remarks," the White House released in a statement.
The announcement comes as inflation continues to spiral out of control.
America needs steady, independent, and effective leadership at the Federal Reserve. That’s why I will nominate Jerome Powell for a second term as Chair of the Board of Governors of the Federal Reserve System and Dr. Lael Brainard to serve as Vice Chair of the Board of Governors.— President Biden (@POTUS) November 22, 2021
Former Federal Reserve chairwoman and current Treasury Secretary Janet Yellen is applauding the move.
"An independent and experienced Federal Reserve was critically important to navigating this turbulent time and will continue to be crucial as we recover and confront new threats to our economy. Over the past few years, Chair Powell has provided strong leadership at the Federal Reserve to effectively meet and address unexpected economic and financial challenges, and I am pleased our economy will continue to benefit from his stewardship. I am also grateful that the President has nominated Dr. Brainard to serve as Vice Chair. Lael is a respected economist with years of experience and has been instrumental in the nation’s recovery," Yellen released in a statement. "As Treasury Secretary, I will continue to support a strong and independent Federal Reserve, empowered to pursue its dual mandate of stable prices and maximum employment to benefit American workers and families."