Jerome Powell, who President Joe Biden has picked to head the Federal Reserve for a second term, is facing criticism from Democrats in the Senate for his track record on climate change and bank deregulation. Powell was originally nominated to the central bank’s board of governors under President Barack Obama in 2012. In 2018, President Donald Trump nominated Powell to head the Federal Reserve.
In a show of confidence for the Republican nominee, Biden has selected Powell to serve a second term in that capacity despite the president’s broad efforts to distance himself from his predecessor. Biden also chose Democrat Lael Brainard to be vice chair of the bank. “I’m confident that Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before,” Biden said of the nomination in a White House press release. “Together, they also …
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