Fed Chairman Jerome Powell is likely to remain at the helm of the US Federal Reserve for another four years. US President Joe Biden nominated him for a second term on Monday, as announced by the US Presidential Office. Director Lael Brainard, who is also a candidate for the executive chair, is to receive a deputy post. The 68-year-old Powell has to be approved by the US Senate, where he should not face headwinds.
A senior Republican senator had spoken out early in favor of retaining the incumbent, who had been appointed by Biden’s predecessor Donald Trump. Powell’s four-year term expires in February 2022. The lawyer and former investment banker took over the post from the current US Treasury Secretary Janet Yellen in February 2018.
According to survey results, economists had expected Biden to opt for continuity at the top of the Fed. The most influential central bank in the world has only just initiated the gradual exit from the very loose monetary policy that was decided at the height of the Corona crisis in 2020.