President Obama appointed him to the seven-member Federal Reserve board, where he served until Trump appointed him to lead the Fed in 2018. Powell served as an assistant secretary and as undersecretary of the Treasury under President George H.W. Vice President Kamala Harris was among the few 'no' votes when Powell's first confirmation came up. The nominations now head to the Senate for confirmation, which is likely to succeed - of the 84 senators who voted to confirm Powell in 2018, 68 are still in office. 1 spot, as they insisted she more closely aligns with the president's robust economic agenda.ДЄ wave of lawmakers on both sides have already thrown their support behind Powell, but Elizabeth Warren is likely to oppose the pick less than two months after calling him a 'dangerous man' who has weakened the banking system. Progressives had hoped Brainard would replace Powell at the no.

'Other key priorities include vigilantly guarding the resilience and stability of the financial system, addressing evolving risks from climate change and cyber attacks and facilitating the modernization of the payment system while protecting consumers.' 'We will use our tools to support the economy with a strong labor market and to prevent higher inflation from becoming entrenched,' Powell said, accepting the nomination.Д«iden noted that both he and Powell believed in maximizing employment with slightly less emphasis on curbing inflation

She will replaceВ Richard Clarida, another Trump-appointed Republican.Д«iden's nomination of Powell defied his liberal critics. 'He's made clear to me that a top priority will be to accelerate the Fed's effort to address and mitigate the risk that climate change poses to our financial system and to our economy,' Biden continued.Д«iden nominated Lael Brainard, a Democrat, for vice chair. That's an economy where companies have to compete to attract workers instead of workers competing with each other,' the president said.Д«iden also said that he had spoken with Powell about the Fed's role in addressing climate change. 'Jay a believer in what economists call maximum employment. The president said that because the rest of the economy is doing so well and unemployment has shot down to 4.6 percent, the US is in a position to 'attack inflation from a position of strength.'Д«iden noted that both he and Powell believed in maximizing employment with slightly less emphasis on curbing inflation. 'It's just one of the many reasons Jay has support across the political spectrum.' 'In the last administration, he stood up to unprecedented political interference and doing so, successfully maintained the stability and credibility of this institution.' Biden continued. That's why today I'm nominating Jerome Powell for a second term as chair of the Federal Reserve.' 'To meet these goals is going to require patience, skill and independence. second to keep inflation low and stable.' 'Perhaps no entity plays a more important role in navigating these challenges than the Federal Reserve because it's the Fed's job to balance two key goals. 'Put directly, at this moment of both enormous potential and enormous uncertainty for our economy, we need stability and independence at the Federal Reserve.' 'Some will no doubt question why I am renominating Jay when he was the choice of a Republican predecessor,' Biden noted in a speech. President Biden renominated for a second termВ Trump-era Republican Federal Reserve Chair Jerome Powell, who he said brought 'stability' and 'independence' and shared his view of maximum employment.

Family feud sound effects