Continuity: Jerome Powell will continue as head of the central bank after winning the backing of Joe Biden
Jerome Powell has been nominated to serve a second term as chairman of the US Federal Reserve – arguably the most powerful economic job in the world.
The 68-year-old Republican – who was initially appointed by Donald Trump in 2018 – will continue as head of the central bank after winning the backing of President Joe Biden, who opted for continuity at a delicate time for the US economy.
Inflation is at its highest level for 30 years as the economy bounces back from the pandemic.
Biden had been tipped to appoint Lael Brainard, 59, who was born in Germany where her father was a diplomat and was favoured by many Democrats.
Instead, she will become vice chairman having been at the Fed since 2014.
Biden praised Powell and Brainard for taking ‘decisive action to help steer us through the worst downturn in modern American history and put us on the path to recovery’.
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