The Federal Reserve will stay the same.
President Joe Biden tapped Jerome Powell to serve a second term at the Federal Reserve.
However, Biden picked Lael Brainard as the vice chair at the U.S. central bank, succeeding Richard Clarida.
“As I’ve said before, we can’t just return to where we were before the pandemic, we need to build our economy back better, and 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 in a statement.
The nominations will now head to the Senate for confirmation.
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