The Federal Reserve Chair Jerome Powell was nominated for a second four-year term by President Joe Biden on Monday, extending a tenure that began somewhat by chance, survived blistering criticism from former President Donald Trump, and now positions the ex-investment banker to finish the most consequential revamp of monetary policy since the 1970s.
Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, will be Vice-Chair, the White House said. Powell, 68, will need to be confirmed by the Senate, currently controlled by Biden's Democratic party but closely divided.