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Fed, Biden confirms Powell. Brainard will be his deputy

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Jay Powell remains at the helm of the Federal Reserve for a second term. This was announced by the White House. His deputy will be Monetary Policy Committee member Lael Brainard, whose name had circulated as a possible replacement for Powell.

In a note released to inform of his choice, Biden noted Powell’s “decisive” leadership during the crisis caused by the coronavirus pandemic. The only antagonist to emerge for the position, Lael Brainard, will be vice president of the Board of Governors, a position held until next January 31 by Richard Clarida.

“I am confident that President Powell and Dr. Brainard’s focus on keeping inflation low, prices stable and maximum employment will make the economy stronger than ever,” Biden said. The appointments must be confirmed by the Senate.

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