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Biden taps Republican Powell to continue as Federal Reserve Chair

WASHINGTON, Nov 23: A Republican and investment specialist, Jerome Powell (Jay), heading the Federal Reserve of the United States, has been nominated by Democratic President Joe Biden for a second term to continue in the office as Chairman. The immediate impact was the stocks going down and the dollar firming up. Gold rates too went down sharply, it was reported. Inflation continues to surge very high, zooming to 6.2%. But in the post-covid economic rebuilding endeavour, Powell has been credited with creating jobs as Biden desired.

Biden said, "I believe having Fed leadership with a broad bipartisan support is important, especially now in such a politically divided nation. This is vital to maintaining public trust in an independent institution like the Federal Reserve."

Powell "is the right person to see us through" the pandemic recovery and the fight against inflation, he added.

Jerome Powell took office as chairman of the Board of Governors of the Federal Reserve System in February 2018, for a four-year term ending in February 2022. His term as a member of the Board of Governors will expire January 31, 2028.

Powell served as an assistant secretary and as undersecretary of the Treasury under President George H.W. Bush. There, he was responsible for policy on financial institutions, the Treasury debt market, and related areas. In 2011, Powell was nominated by President Obama to the Federal Reserve Board of Governors, where he served as a Governor until his confirmation as Chairman in 2018. Before public service, he worked as a lawyer and investment banker in New York City, said a White House statement.

A few Democratic Senators are likely to vote 'no' to Powell's renomination, but the Republicans will help him to pass the confirmation.

Dr Lael Brainard will continue as the Vice-Chair.

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