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Biden to Keep Jerome Powell as Fed Chair, Nominates Lael Brainard for Vice Chair – NBC4 Washington

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President Joe Biden announced Monday he’s nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing Powell’s stewardship of the economy through a brutal pandemic recession in which the Fed’s ultra-low rate policies helped bolster confidence and revitalize the job market.

Biden also said he would nominate Lael Brainard, the lone Democrat on the Fed’s Board of Governors and the preferred alternative to Powell among many progressives, as vice chair.

A separate position of vice chair for supervision, a bank regulatory post, remains vacant, along with two other slots on the Fed’s board. Those positions will be filled in early December, Biden said.

His decision strikes a note of continuity and bipartisanship at a time when surging inflation is burdening households and raising risks to the economy’s recovery. In backing Powell, a Republican who was first elevated to his post by President Donald Trump,…

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