Reed Backs Jerome Powell’s Renomination to Lead Federal Reserve and Biden’s Selection of Lael Brainard as Vice Chair
WASHINGTON, DC – U.S. Senator Jack Reed, a senior member of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement after President Biden re-nominated Jerome Powell to serve another four year term as Chair of the Board of Governors of the Federal Reserve System, and President Biden also tapped Dr. Lael Brainard to serve as Vice Chair:
““President Biden’s picks are a win for economic stability and American workers, and for continued independence at the Fed.
“Chair Powell has been a steady hand at the helm of the Fed and I support his renomination.
“The pandemic caused unprecedented global economic disruptions. Chair Powell and Governor Brainard are the right team to lead the Fed through these uniquely challenging economic headwinds and the ongoing economic recovery from the pandemic.
“No one can look at Chair Powell’s steadfast service and staunch defense of the Federal Reserve’s independence with anything other than respect. He faced one of the greatest challenges to our economy and led critical, timely actions that helped prevent a collapse during the depths of the pandemic.
“His continued leadership at the Fed will help shape a stronger, more stable economic future.
“I’m also pleased that President Biden tapped Dr. Lael Brainard to serve as Vice Chair. She is a brilliant economist. Her data-driven expertise and leadership on the Board of Governors of the Federal Reserve System in this new role will help lead the Fed forward.”
Now that Powell and Brainard have been nominated by the President, they must each appear before the Banking Committee for a confirmation hearing, followed by a committee vote and then confirmation by the full U.S. Senate.