Biden plans to renominate Jerome Powell for a second term as Fed chair

U.S. President Joe Biden announced his intention to renominate Jerome Powell for a second term as chair of the Federal Reserve (the Fed). The White House noted this on its website.

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“Chair Powell has provided steady leadership in an unprecedentedly difficult period, including the deepest recession in modern history and attacks on the independence of the Federal Reserve,” Biden said.

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He also nominated Lael Brainard for the post of vice chair at the Fed. Earlier, media called her the main rival to Powell in the race for the chair. In her capacity as a member of the Board of Governors, Brainard said urgently accelerate the development of the digital dollar.

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“I am confident that Chair Powell’s and Dr. Brainard’s focus on low inflation, price stability and full employment will make our economy stronger than ever,” the president said.

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Finance Secretary Janet Yellen welcomed the move. In her view, Powell’s chairmanship and the Fed’s work under his leadership helped the economy “recover from the health crisis.”

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The steady leadership of Chair Powell & the Federal Reserve helped ensure our economy was able to recover from a once-in-a-generation health & economic crisis. I’m pleased our economy will continue to benefit from his stewardship, & the expertise & experience of Lael Brainard. pic.twitter.com/IKT5mwIcdO

— Secretary Janet Yellen (@SecYellen) November 22, 2021

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U.S. Senator and Bitcoin advocate Cynthia Lummis said she “looks forward to” meeting with Powell and Brainard. Earlier, she criticized Hillary Clinton for fears about threats from cryptocurrencies, suggesting that digital gold could become a hedge for the dollar against inflation.

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I look forward to meeting with Chair Powell and Governor Brainard during the confirmation process, and discussing financial innovation, the impacts of skyrocketing inflation, and other issues affecting the people of Wyoming.

— Senator Cynthia Lummis (@SenLummis) November 22, 2021

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As of writing, Bitcoin traded at $58,185. Earlier the price briefly rose above $59,500. In the last hour, the asset fell 1.6%, according to CoinGecko.

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In July, the Fed chair warned that the advent of a digital dollar will hurt Bitcoin’s popularity. However, he said that for the United States it is more important to launch a CBDC properly, than to be first.

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In September, Powell stressed that the Fed does not plan to ban cryptocurrencies, but noted the need to bring some digital assets into the legal framework.

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