President Biden Nominates Federal Reserve Chair To Second Term

President Joe Biden announced his decision to nominate Federal Reserve Chair Jerome Powell to a second four-year term in a statement obtained by ABC News on Monday (November 22).

"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. That success is a testament to the economic agenda I’ve pursued and to the decisive action that the Federal Reserve has taken under Chair Powell and Dr. [Lael] Brainard (as vice-chair) to help steer us through the worst downturn in modern American history and put us on the path to recovery," Biden said.

Powell, a Republican, was initially nominated for Federal Reserve Chair by former President Donald Trump in 2017 and initially nominated to the Federal Reserve Board of Governors by former President Barack Obama -- who Biden served alongside as vice president for two terms -- in 2011 before being elevated as a successor to Janet Yellen --Biden's treasury secretary -- as chair by Trump.

"Fundamentally, if we want to continue to build on the economic success of this year we need stability and independence at the Federal Reserve -- and I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs," Biden added.

President Biden is expected to address the announcement during a speech alongside Powell and Brainard at the White House scheduled for Monday afternoon, ABC News reports.