Biden to Nominate Jerome Powell for 2nd Fed Chair Term

President Joe Biden announced Monday that he would nominate Jerome Powell for another four-year term as Federal Reserve chair. The move bucked calls from some Democrats to replace Powell, a Republican nominated for chair by former President Donald Trump, with Democrat Lael Brainard; Biden instead nominated Brainard for vice chair. Biden explained his decision, saying, “We need stability and independence at the Federal Reserve.” On his plans for the future, Powell said, “We will use our tools both to support the economy and a strong labor market, and to prevent higher inflation from becoming entrenched.” Several politicians from both parties backed Biden’s choice, including Sen. Pat Toomey, the top-ranking Republican on the Senate Banking Committee. Meanwhile, Powell critic Sen. Elizabeth Warren said she would oppose Powell’s renomination. 

Coverage was more common in large left- and center-rated outlets, particularly business-focused outlets. Some coverage said the nomination was a “sign of continuity” or that Biden was “betting on stability.” Several business-focused outlets published coverage of how the announcement affected stock markets in the U.S. and abroad.