Biden renominates Fed Chair Jerome Powell for second term: 'We need stability and independence'

Following lots of speculation, President Biden has officially renominated Jerome Powell for a second term as chair of the Federal Reserve, CNBC reports.

"Fundamentally, if we want to continue to build on the economic success of this year we need stability and independence at the Federal Reserve," Biden wrote in a Monday morning statement. "I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs." Lail Brainard, the current Fed Governor who was also believed to be in the running for Fed chair, will instead become the vice chair of the board of governors, per CNBC.

Biden also noted he's confident Powell will "focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before."

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The confirmation process will now move to the Senate, reports Bloomberg, where things are likely to go smoothly for Powell, a Republican. Senate Banking Committee Chair Sen. Sherrod Brown (D-Ohio) and Ranking Member Sen. Pat Toomey (R-Pa.) on Monday both shared their support for the decision.

The possibility of a Powell second term has thus far garnered push back from progressives, who worry Powell won't be tough enough on bank regulations and climate change, reports The Wall Street Journal. Sen. Elizabeth Warren (D-Mass.), for example, has long said she'd vote against the "dangerous" chair's reappointment.

Pending Senate approval, Powell will begin his next four-year term in February, writes Forbes.