President Biden appoints Jerome Powell as Federal Reserve chairman, Dr Lael Brainard as vice chairman
Today, President Biden announced his intention to appoint Jerome Powell for a second term as Chairman of the Board of Governors of the Federal Reserve System and to appoint Dr. Lael Brainard as Vice Chairman of the Board of Governors of the Federal reserve system.
While our country still faces challenges exiting the pandemic, we have made tremendous strides in reviving our economy and getting Americans back to work. Since the president took office, the economy has created more than 5.6 million jobs, unemployment has fallen to 4.6% – two years faster than expected – and our economy’s growth rate is exceeding that of the rest of the developed world.
This result is a testament to the success of the President’s economic program, and a testament to President Powell and the Federal Reserve’s decisive action to cushion the impact of the pandemic and get the US economy back on track. President Powell has provided consistent leadership during an unprecedented difficult period, including the biggest economic downturn in modern history and the attacks on the independence of the Federal Reserve.
Meanwhile, Lael Brainard – one of our country’s leading macroeconomists – has played a key leadership role at the Federal Reserve, working with Powell to help fuel our country’s strong economic recovery.
Powell and Brainard share the administration’s goal of ensuring that economic growth broadly benefits all working people. That’s why they oversaw a historic reassessment of the Federal Reserve’s goals to refocus its mission on the needs of workers from all walks of life. And they put forward key priorities the president shares, such as tackling the financial risks posed by climate change and staying ahead of emerging risks to our financial system.
America needs stable, independent and effective leadership within the Federal Reserve so that it can advance its dual objective of keeping inflation low and prices stable, as well as creating a strong labor market that largely benefits workers with better jobs and higher wages. President Biden has full confidence in the experience, judgment and integrity of Powell and Brainard to continue to fulfill these mandates and help rebuild our economy for the better for working families.
President Biden still has three vacant seats on the Federal Reserve Board of Governors to fill, including the important post of vice president for oversight. The chairman intends to make these appointments from the beginning of December and is committed to improving diversity in the composition of the board.
Statement by President Biden
âWhile much remains to be done, we have made remarkable progress over the past 10 months to get Americans back to work and jumpstart our economy. This success is a testament to the economic agenda I have pursued and the decisive action the Federal Reserve has taken under the chairmanship of Powell and Dr. Brainard to help us get through the worst downturn in modern American history and put us on the recovery route. As I said before, we can’t just go back to where we were before the pandemic, we need to rebuild our economy better, and I have no doubts that President Powell and Dr Brainard are focused on keeping inflation high. low, stable prices, and full employment will make our economy stronger than ever. 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. Basically, if we are to continue building on this year’s economic success, we need stability and independence at the Federal Reserve – and I have full confidence, after their trial by fire over the past 20 months, that President Powell and Dr. Brainard will provide the strong leadership our country needs.
Jerome Powell for chair
Jerome Powell took office as Chairman of the Board of Governors of the Federal Reserve in February 2018, for a four-year term ending in February 2022. His term as a member of the Board of Governors will expire on January 31, 2028.
Powell was born in Washington, DC. He received a BA in Politics from Princeton University in 1975 and a Law Degree from Georgetown University in 1979. In Georgetown, he was editor of the Georgetown Law Journal.
Powell served as Assistant Secretary and Under Secretary of the Treasury under President George HW Bush. There he was responsible for policy on financial institutions, the treasury debt market and related areas. In 2011, Powell was appointed by President Obama to the Federal Reserve Board of Governors, where he served as governor until his confirmation as president in 2018. Prior to public service, he worked as a lawyer and banker at investment in New York.
Dr Lael Brainard for Vice-President
Lael Brainard took up her duties as a member of the Federal Reserve Board of Governors in June 2014 to serve an unexpired term ending January 31, 2026.
Prior to her appointment to the Board, Ms. Brainard was Undersecretary of the US Department of the Treasury from 2010 to 2013 and Advisor to the Secretary of the Treasury in 2009. From 2001 to 2008, she was Vice President and Founding Director of the Economics Program. and Development at the Brookings Institution. Dr Brainard was also previously Deputy National Economic Advisor to President Clinton. From 1990 to 1996, she was an assistant and associate professor of applied economics at the Sloan School of Management at the Massachusetts Institute of Technology.
Dr Brainard received a BA with Honors from Wesleyan University in 1983. She received an MA and PhD in Economics in 1989 from Harvard University, where she was awarded a National Science Foundation Fellowship. She is also a recipient of a White House scholarship.