DW
US President Joe Biden on Monday announced that he was nominating Jerome Powell for a second four-year term as Federal Reserve chair.
The Federal Reserve post is one of the most senior economic roles in the world, with decisions that often have global consequences.
What does the nomination mean?
The pick is an endorsement of Powell’s stewardship of the US economy through the recession caused by the coronavirus pandemic.
The decision indicates that Biden is putting continuity ahead of the desires of his party’s progressive wing, who had pushed for another candidate. There is, however, also a bipartisan tradition of nominating serving chairs of the Fed for a second term…
