Joe Biden, President of the United States of America, has selected Jerome Powell to serve another 4-year term as Chairman of the Board of Governors of the Federal Reserve System.
The White House announced on Monday that Biden will nominate Powell as his choice to lead the Federal Reserve once his current term expires in February.
The executive branch noted Powell's decisive action to reduce the economic impact of the pandemic in addition to creating 5.6 million jobs and an unemployment rate of 4.6%.
The US president has also selected current Fed Board member Lyle Brainard to be the agency's vice president.
Brainard's 14-year term as a member of the Federal Reserve is due to expire in 2026 while Powell's term will end in 2028.
Seven members of the Federal Reserve System's Board of Governors are expected to sit, each nominated by the current President of the United States, confirmed by the Senate and expected to serve 14 terms General.
Although Powell will only serve four years during his current term if confirmed as Fed chair, he will still attend a confirmation hearing for the Senate Banking Committee before vote on his nomination to the Senate.
