Federal Reserve Chairman Jerome (Jay) Powell is set to remain the steward of the United States economy after President Joe Biden on Monday nominated him for a second, four-year term.Fed Governor Lael Brainard, who had been touted as a possible replacement for Powell in the top job, was tapped by Biden to be the Fed’s vice chair – the second most powerful position within the US central banking system.During a press conference on Monday, Biden lauded Powell for his leadership during the unprecedented economic and financial upheavals caused by the COVID-19 pandemic.
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