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Jerome Powell nominated for a second term as President of the US Federal Reserve | Federal Reserve

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Jerome Powell’s handling of the economic fallout from the Covid-19 pandemic has won the Federal Reserve Chairman the support of the White House for a second term as head of the world’s largest central bank.

Despite speculation that he could sack the person Donald Trump appointed, Joe Biden cited the decisive action taken by Powell at the start of the crisis as a reason to re-elect the 68-year-old Republican for another four years.

The White House said Lael Brainard the only Democrat on the Fed’s board, whom some had suggested as a possible replacement for Powell, was his choice to become vice president.

The appointments go back to a tradition of a non-partisan approach to the top Fed post that was shattered by Trump. Some progressive Democrats had called on Biden to take the same approach and appoint Brainard in place of Powells.

Both appointments are subject to the approval of a Democrat-controlled Congress and come at a time when the Fed is grappling with an annual inflation rate of 6.2%, the highest level in more than three decades .

As I said before, we can’t just go back to where we were before the pandemic, we need to better rebuild our economy, and I have no doubts that President Powell and Dr Brainards are focused on keeping inflation down. at a low level, price stability and full employment will make our economy stronger than ever, Biden said.

After appointing Powell to head the Fed, Trump appeared to regret his choice and subjected the former investment banker to repeated criticism for his refusal to stimulate the economy as much as the then president demanded. .

But the central bank acted quickly when the global economy and global financial markets were rocked by the arrival of Covid-19 in early 2020. US interest rates were cut to near zero and the Fed cut resumed bond purchases which would result in its holdings of US Treasuries and other securities up $ 4 billion ($ 3 billion).

President Powell provided consistent leadership during an unprecedented period, including the biggest economic downturn in modern history and attacks on the independence of the Federal Reserve, according to the White House statement.

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2/ https://www.theguardian.com/business/2021/nov/22/jerome-powell-reappointed-for-second-term-as-chair-of-us-federal-reserve

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