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Jerome Powell is nominated for the US Reserve chair


Jerome Powell is nominated for the US Reserve chair

Lucy Hooker
New York Business reporter

Published
12 minutes ago

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Jerome Powell has committed to remaining in this role for another 4 years

President Joe Biden nominated Jerome Powell for another term as the chair of US Federal Reserve.

Powell has been confirmed to continue his role which involves managing inflation, regulating the financial market, and will remain there for another four years.

Ex-President Donald Trump appointed him initially and began his term in 2018.

He was a 68 year-old Republican who has been highly praised because he managed the economy through the pandemic.

Lael Brainard was the other front-running candidate and was supported by progressives from President Biden’s Democratic Party.

They criticize Powell’s inaction on climate change and poverty, and claim he has weakened regulation of financial institutions.

Ms. Brainard has served on the Federal Reserve’s board of governors from 2014 to 2014. She has now been elected vice-chair.

Biden made the announcement of the nominees: “While we still have a lot to do, we’ve made incredible progress over the past 10 month in getting Americans back on the job and getting our economy going again.”

“That is testament to the economic strategy I pursued, to the decisive action taken by the Federal Reserve under…



Source: https://virtualtrener.com/jerome-powell-is-nominated-for-the-us-reserve-chair/

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