US President Biden announced that he had nominated Jerome Powell for Fed chair and Lael Brainard as Fed Vice President.
The Fed decision that the markets have been waiting for has come. Biden nominated Powell for Fed chair and Brainard for Vice President.
Stating that the Covid-19 epidemic created the worst economic crisis in the USA since the Great Depression, Biden said that there is still a long way to go to get rid of the destruction caused by the epidemic completely.
Biden said that despite all the progress, they still face serious difficulties. The price increases are not only the problem of the USA, but the whole world and supply chain constraints cause price increases. Noting that no institution can play a more critical role than the Fed in overcoming these difficulties, Biden stated that it is the Fed’s job to balance maximum employment and price stability targets.
Biden: I Believe Powell is the Right Person
“It takes patience, skill, and independence to achieve these goals. That’s why today I’m nominating Jerome Powell to head the Fed for a second term. I’m nominating Lael Brainard as Fed Vice Chairman,” Biden said.
Emphasizing that Powell’s steady and determined leadership has helped stabilize markets and put the US economy on a solid recovery, Biden noted that he believes Powell is “the right person” to address the threat of inflation and achieve the target of maximum employment.