Biden Announces Pair of Nominations

President Biden will nominate Federal Reserve Chair Jerome Powell for another term leading the central bank and tap Fed Governor Lael Brainard to serve as vice chair of the Fed board.

Powell, a Republican, has chaired the Fed board of governors since 2018 and enjoys support within both parties. He was appointed to lead the bank by former President Trump five years after he was first nominated to the Fed board by former President Obama.

While Biden was expected by many to renominate Powell, the president had also faced pressure to replace him with a Fed chief more closely aligned with his broader economic agenda.

Keep reading at The Hill.