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US Federal Reserve chair Jerome Powell nominated for second term

US Federal Reserve chair Jerome Powell has been nominated for a second four-year term by President Joe Biden.
 
The 68-year-old who was put in the job by a Republican, will need to be confirmed by the Senate, currently controlled by Mr. Biden's Democratic party.
 
At a time when rising consumer prices, inflation and shortages caused by the supply chain crisis are urgent concerns of the White House, there has been heightened focus on who the President was going to pick to lead the nation's central banking system.
 
Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, will be vice chair.
 
Mr. Biden expressed his full confidence in Mr. Brainard and Mr. Powell.


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