Biden confident Powell can lead U.S. economy out of pandemic crisis

U.S. President Joe Biden nominated U.S. Federal Reserve Chair Jerome Powell for a second term on Monday. The nomination put the former investment banker in a position to continue the most significant revamp of monetary policy since the 1970s and finish guiding the world’s largest economy out of the pandemic crisis.

Lael Brainard, the other top candidate for the post, will be the central bank’s vice-chair, according to the White House.

The nominations paired two veterans on monetary policy who worked on a recent overhaul of central bank policy that shifted focus to jobs from the emphasis on inflation that began around forty years ago. The pair’s task will be to ensure continuous U.S. job growth while keeping the recent strong inflation from becoming entrenched.

Biden stated his confidence that Powell is “the right person” to guide the country, citing the Fed Chair’s “steady leadership” that assuaged panicked markets and his belief in monetary policies that support maximum employment.