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Biden picks Jerome Powell to lead the Fed for a second term as the U.S. battles Covid and inflation
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cnbc.comJerome Powell, who guided the Federal Reserve and the nation's economy through the staggering and sudden Covid-19 recession by implementing unprecedented monetary stimulus, has been nominated for a second term as chairman of the U.S. central bank.
President Joe Biden made the announcement Monday morning following weeks of speculation that a push from progressives might see Fed Governor Lael Brainard get the spot.
Brainard instead will be vice chair of the board of governors; she had been widely expected to get a separate vice chair for supervision post, which oversees the nation's banking system. As vice chair, she would succeed Richard Clarida, whose term expires Jan. 31, 2022.
«As I've said before, we can't just return to where we were
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