Jerome Powell is nominated as Fed chair for second term

FED Chairman Powell was nominated for the second term. Biden nominates Powell for the second term as Fed chief, opting for continuity, and names Brainard vice-chair.
President Biden on Monday nominated Federal Reserve Chairman Jerome Powell, a Republican, for a second four-year term, touching the battle-proven centrist who helped lift the US economy out of the COVID-19 recession and enjoys strong support from both parties.

Biden also nominated Fed Democratic Governor Lael Brainard as vice president of the Fed Board of Governors, replacing Republican Richard Clarida.

The decision ends a week-long race between Powell and Brainard for the country's top economic position. Biden has reportedly considered Brainard more seriously in recent days under pressure from progressive Democrats after Powell initially appeared to be relegated. Brainard took a stricter stance than Powell on banking regulation.