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Biden Says He’s Keeping Trump Pick Jerome Powell as Fed Chair

Lael Brainard, the Fed board’s only Democrat, will become the central bank’s vice chair.

President Joe Biden will hand Trump appointee Jerome Powell another four years as the Federal Reserve chair. In a Monday statement, Biden confirmed that Powell will stay in his role while Lael Brainard, the Fed board’s only Democrat, will be appointed the central bank’s vice chair. “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. “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.” Powell is a Republican, but it’s traditional for the central bank’s top official to be reappointed even if they’re politically opposed to the president. He was first nominated to the Fed board by former President Barack Obama, then promoted by former President Donald Trump.