Policy & Regulation

President Biden re-nominates Jerome Powell as next Fed chair

  • The White House announced the re-nomination of Jerome Powell to serve as the chairman of the Federal Reserve Board
  • Biden picked Federal Reserve Governor Lael Brainard as the agency's vice-chair
  • Powell previously commented on the role of digital assets in U.S. markets as the space grows in size and popularity

On Monday, the White House announced the re-nomination of Jerome Powell to serve as the chairman of the Federal Reserve Board.

Jerome Powell to serve another four-year term

President Biden will nominate Powell to lead the Federal Reserve when his term ends in February. The executive cited Powell’s “decisive action” in mitigating the economic impact of the pandemic and in creating 5.6 million jobs and a 4.6% unemployment rate.

There were rumours that the Biden administration would consider Federal Reserve Governor Lael Brainard as a future chair, but Biden chose Lael Brainard as the agency’s vice-chair. Brainard’s 14-year term as a member of the Federal Reserve expires in 2026, while Powell’s term ends in 2028. The Biden administration still has three vacancies on the Federal Reserve board, including the vice chair of supervision recently vacated by Randal Quarles.

Earlier this year Powell  commented on the role of digital assets in U.S.

“I am 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,” the U.S. president said. “Together, they also share my deep belief that urgent action is needed to address the economic risks posed by climate change and stay ahead of emerging risks in our financial system.”

During his time as Fed chairman, Powell has commented on the role of digital assets in U.S. markets as the space grows in size and popularity. In September, he said the agency was “proactively working to issue a CBDC” but was unlikely to support a blanket ban on cryptocurrencies such as Bitcoin.

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