President Biden's Federal Reserve Nominations: Live Updates - The New York Times

President Biden will keep Jerome Powell as Fed chair, resisting political pressure for a shake-up.

Lael Brainard is tapped for vice chair of the Federal Reserve.

Who is Lael Brainard, President Biden’s pick for the Fed’s vice chair.

Powell, the Federal Reserve chair, to another four-year term — ensuring policy continuity at a moment of rapid inflation and vast economic uncertainty but potentially angering progressive Democrats who had been agitating for a change in leadership.

Powell, to serve as the Fed’s vice chair.

The central bank is charged with keeping consumer prices stable while striving for maximum employment, and striking that balance could require difficult policy choices in the months ahead.

His Fed decisions in recent weeks have become tangled in the politics of price increases, particularly as the president pushes Senate Democrats to coalesce around a $2.2 trillion climate change and social policy bill that Mr.

Biden, who will also nominate Lael Brainard, a governor, to serve as the Fed’s vice chair, said he was certain that both Mr.

“I’m confident that Chair Powell and Dr.

The president must also fill several leadership roles, including the Fed’s vice chair for supervision, a powerful position given its influence on bank oversight.

Biden has been under pressure from progressives and moderate Democrats to pick a diverse slate of leaders for the Fed who would prioritize tough bank regulation and do what they could to address climate change risks in the financial system.

Powell has come under criticism for being slow to address climate change and for backing measures that have chipped away at some post-crisis financial rules.

Brainard, to “address the economic risks posed by climate change and stay ahead of emerging risks in our financial system.”.

Powell had not taken climate change seriously enough.

“I sincerely hope that, if confirmed, Powell will reassess his past opposition to utilizing the Fed’s regulatory tools to minimize climate-related risks to the financial sector,” he said.

Powell when he was nominated as chair by Mr.

So far, the central bank has decided to slow its large bond-purchase program, a first step toward withdrawing monetary policy support that will leave it more nimble to raise interest rates next year if reigning in the economy becomes necessary.

Source: Federal Reserve Bank of St.

Powell is a Republican who was first appointed by President Barack Obama as a Fed governor, then elevated to chair by Mr.

Powell is often lauded for his track record as chair, which has seen the central bank pursuing full employment with vigor.

The Fed guided the economy through the start of the coronavirus pandemic, unveiling a series of market rescue programs that kept Wall Street functioning and averted a financial disaster that could have cascaded through the economy.

Powell had faced opposition from some progressive Democrats, first over his history of voting for changes that made financial regulation looser for banks, and later because of an ethics scandal that took place while he was overseeing the central bank.

Powell has said that he defers to the person Congress has confirmed to the bank supervision role to set the agenda when it comes to regulatory matters.

President Biden said he would nominate Lael Brainard as the Federal Reserve’s vice chair, the No.

Powell, the Fed chair.

But her elevation to vice chair will make her Mr.

The vice chair holds little power officially, but in practice is regularly the person who floats new ideas in speeches and who helps to guide a Fed chair’s thinking on policy matters.

She has been a major proponent of a more active Fed role in making sure the financial system is prepared for potential fallout from climate change.

She gave a speech at the Fed’s first climate-focused conference in 2019 and has recently focused on the need for climate scenario analysis for banks, which would test how well they would hold up amid extreme weather events, sea level change and other climate-tied risks.

Many of those same people had pushed her as a candidate for Fed chair or another top leadership role, though — often based on her track record when it comes to financial regulation.

Quarles, the Fed’s vice chair for supervision who is stepping down in December.

In the process, she created a rare public disagreement at the consensus-driven central bank, dissenting from policy changes more than 20 times in 2019 and 2020.

Her new position will not give her more direct say over financial regulation than she previously had — governors all have a single vote on regulatory decisions — but she and her record of dissents could be a resource for the new person coming into the vice chair for supervision job.

Lael Brainard, a Federal Reserve governor since 2014, was in the mix to potentially replace Jerome H.

Powell as Fed chair, but President Biden’s decision to elevate her to the Fed’s No.

2 role will still place her in a powerful position at the central bank.

If confirmed as vice chair, Ms.

Her term would begin in February 2022, after the departure of Richard Clarida, the current vice chair.

The vice chair, the No.

2 role at the Fed, holds little power officially, but the vice chair typically floats new ideas in speeches and helps advise a Fed chair’s thinking on policy issues.

Brainard has been outspoken on several issues, including the need for the Fed to take a more active role in climate-related issues to ensure that the financial system is prepared for potential fallout from climate change.

Biden pointed to climate change and financial regulation as areas where he expected both Ms.

Powell to play a strong role, saying “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.”.

Powell for a second term as Federal Reserve chair, with top Democrats and many Republicans saying it would keep the central bank on a steady course and protect its political independence at a time of inflation and economic uncertainty for the country.

Powell to be replaced, citing his views on climate change, financial regulation and an ethics scandal at the central bank.

Powell had done too little to address climate change.

“Our Fed Chair must devote immediate and thorough attention to the climate threat before it is too late,” Mr.

“I sincerely hope that, if confirmed, Powell will reassess his past opposition to utilizing the Fed’s regulatory tools to minimize climate-related risks to the financial sector.”.

Biden also said he would nominate Lael Brainard, a Fed governor, to serve as the vice chair.

Brainard to lead the central bank, in part because of her views on climate change and financial regulation.

Brainard’s nomination in his statement, saying “she clearly recognizes the gravity of the climate-related financial and economic risks facing our nation and will push the Fed to fully utilize its regulatory authorities in this space.”.

“Governor Brainard is a strong choice for Vice Chair, and we are expecting Biden to continue to name truly bold and pro-worker choices to the vacant governor seats,” the group said.

“When the pandemic hit in 2020, Chairman Powell acted swiftly and took extraordinary and necessary steps to help stabilize financial markets and the economy,” Mr.

The senator expressed “concerns about regulatory policies that Governor Brainard would support as Vice Chair,” but said he looked forward to discussing those issues.

Powell will be renominated for another four-year term as chair of the Federal Reserve, reflecting investor relief that he would remain at the helm of the central bank, whose monetary policy has been a key driver of the market’s remarkable run over the past two years.

Biden will promote to vice chair, could have been instead chosen to lead the central bank