President Joe Biden has picked Federal Reserve Chair Jerome Powell to serve a second four-year term at the helm of the central bank, while nominating Lael Brainard, the only Democrat on the Fed’s seven-member board, to serve as second-in-command at the Fed.
The White House announced Biden’s decision in a Nov. 22 release, ending weeks of speculation around who would be tapped to lead the Fed, with Powell and Brainard emerging in the final stretch as the two leading candidates. Biden was expected to announce a decision before Thanksgiving.
