Jerome Powell, who chairs the Board of Governors of the Federal Reserve System, has received President Biden’s nomination for a second term. Powell and the board executed efforts to mitigate the COVID-19 pandemic’s effects and support the nation’s economic recovery, the White House said Monday.
Biden also intends to nominate economist Lael Brainard, a member of the board since 2014, to serve as vice-chair. She contributed expertise to the board’s economic recovery efforts.
“While there’s still more to be done, we’ve made remarkable progress over the last 10 months in getting Americans back to work and getting our economy moving again,” the President said.
Three positions will remain vacant on the board including the vice-chair for supervision. Biden plans to make his nominations for these vacant seats starting early December.