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Jerome Powell nominated for 2nd term as Fed chair amid surging inflation

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WASHINGTON (AP) - President Joe Biden announced Monday that he's nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing Powell's stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies helped bolster confidence and revitalize the job market.Biden also said he would nominate Lael Brainard, the lone Democrat on the Fed’s Board of Governors and the preferred alternative to Powell among many progressives, as vice chair.

The president said he will fill the three remaining slots on the board, including a vice chair for supervision, a bank regulatory post, in early December.Biden's decision, reached after extensive consideration, strikes a note of continuity and.

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