JUST IN: President Biden has nominated Jerome Powell for second term as Federal Reserve chairman, White House says.
Economists and policymakers had been speculating for months as to whether Biden would take the unusual step of choosing not to reappoint Powell to a second term .
In the Senate, Elizabeth Warren, D.-Mass., emerged as the most high-profile Powell foe. She blasted the Fed chair at a hearing in October, calling himWarren was also the only member of the Senate Banking Committee to vote against Powell’s nomination in 2017. Yellen expressed her support for Powell, saying in a statement on Monday that she was "pleased our economy will continue to benefit from his stewardship."
For his handling of the economy, including executing unprecedented actions to keep the financial system from collapsing in the early days of the pandemic, Powell won bipartisan praise. He has frequently cited the need for economic and labor market gains to be broad and inclusive as rationale for maintaining accommodative economic policy in the wake of the pandemic-triggered recession.
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