Biden nominates Powell for re-election as Fed chairman

　　Xinhua News Agency, Washington, November 22 (Reporter Xu Yuan Gaopan) US President Biden nominated Jerome Powell for re-election as the chairman of the Federal Reserve Board on the 22nd.

If the nomination is approved by the Senate of Congress, Powell will begin a second four-year term in February 2022.

　　On the same day, Biden also nominated the current Fed Governor Lyle Brainard to replace Richard Clarida as the Fed Vice Chairman.

Clarida's term will end on January 31 next year.

　　Biden issued a statement on the same day that since this year, thanks to the efforts of Powell and Brainard, the Fed’s policies to promote the recovery of the US job market and the restart of the economy have helped the US economy to make significant progress and support the US economy through modern history. The worst recession is on the road to recovery.

　　Biden said that the US economy will not only recover from the new crown epidemic, but also be "stronger" than before the epidemic. He believes that the Federal Reserve's policies to maintain low interest rates, stabilize prices, and achieve full employment will help achieve the above goals.

　　Powell was born in Washington, the capital of the United States, in February 1953. He became a member of the Federal Reserve Board in May 2012 and the chairman of the Federal Reserve Board in February 2018.

Brainard is 59 years old and became a member of the Federal Reserve Board in June 2014.

　　When the new crown epidemic hit the US economy severely last year, the Fed continuously introduced monetary policy tools such as lowering the target range of the federal funds rate to near zero and unlimited quantitative easing in a short period of time to help the US economy quickly recover from the recession caused by the epidemic.

　　In November of this year, as the U.S. economy gradually improved and inflation rose, the Federal Reserve announced that it had begun to tighten its monetary policy, starting later this month to reduce the scale of asset purchases by US$15 billion each month.

It is widely expected that if Powell is re-elected as the chairman of the Federal Reserve, the Federal Reserve will continue this reduction plan and end its asset purchase plan in June next year.