Federal Reserve chair Jerome Powell nominated for second term

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He also expects the country to glide through the current surge in coronavirus cases driven by the Omicron variant, with any impact on the economy “short-lived,” Powell said (Photo by Samuel Corum/Getty Images)

Federal Reserve chair Jerome Powell has been nominated for a second four-year term by President Joe Biden., 

Lael Brainard, the Federal Reserve board member who vied with Powell for the job, will be vice chair, the White House said on Monday.

“While there’s still more to be done, we’ve made remarkable progress over the last 10 months in getting Americans back to work and getting our economy moving again,” Biden told the media. 

“That success is a testament to the economic agenda I’ve pursued and to the decisive action that the Federal Reserve has taken,” he said.

Powell must now be confirmed by the Senate, which is controlled by the Democrats but faces divisions.