President Joe Biden has picked Jerome Powell to be the next Fed chair

President Joe Biden has tapped Jerome Powell to serve another four-year term as the chair of the Federal Reserve System’s Board of Governors.

In a Monday announcement, the White House announced President Biden will be nominating Powell as his pick to lead the Federal Reserve once his current term ends in February. The executive branch cited Powell’s “decisive action” in lessening the economic impact brought on by the pandemic as well as the creation of 5.6 million jobs and a 4.6% unemployment rate.

In addition, Biden chose current Fed board member Lael Brainard to be vice-chair of the agency. Brainard’s 14-year term as a member of the Federal Reserve is scheduled to expire in 2026 while Powell’s ends in 2028.

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