Biden also will nominate Lael Brainard as vice chair.
“While there’s still more to be done, we’ve made remarkable progress over the last 10 months in getting Americans back to work and getting our economy moving again,” Biden said in a statement. “That success is a testament to the economic agenda I’ve pursued and to the decisive action that the Federal Reserve has taken under Chair Powell and Dr. Brainard to help steer us through the worst downturn in modern American history and put us on the path to recovery.”
Powell took office in February, 2018, for a four year term set to expire next year. If confirmed, the new term would be for another four years. His term as a member of the Federal Reserve Board of Governors expires on Jan. 31, 2028.
“Fundamentally, 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 last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs,” Biden said.
Brainard has been a member of the Federal Reserve Board of Governors since June, 2014, and has a term that runs through Jan. 31, 2026.
More to come…